Bias for Nifty has turned bullish, look to buy on dips: Ravi Nathani

According to the technical analyst, the near-term trend for the Nifty has turned from rangebound to bullish as the index broke and closed above a previously identified resistance level on the charts.

Nifty 50
Last close: 18,165.35

Yesterday's market sentiment was bullish, as indicated by the positive performance of various sectors. The Metal sector had particularly strong gains, rising by 1.65 per cent. Additionally, the Financial Services sector, along with Banks, IT, Pharma, and FMCG, also performed well in the market, each rising between 0.40 - 0.80 per cent.

This strong performance in these sectors led to the Nifty Index closing with a gain of 0.50 per cent. This indicates that the overall market sentiment was bullish, and the prices of most securities have risen.

On the technical front,