Nifty forms bullish candle; remain long with stop below 9,540

The Bulls remained in control of D-Street despite a mild intraday correction on Monday and closed near its highest point of the day making a bullish candle on the daily candlestick charts.

The index formed a bullish candle for the second consecutive session and closed well above its crucial short-term moving averages such as 5-days exponential moving average (DEMA), 10-DEMA, 13- DEMA, and 20-DEMA.

The Nifty50 opened at 9,587.95 and rallied above its crucial resistance level of 9,600 to hit its intraday high of 9624. It slipped marginally in mid-morning trade towards 9,543.55 from its previous close but closed towards its highest point of the day at 9,615, up 94 points.

The index managed to surpass two crucial resistance levels of 9,550 and 9,600 and a close above 9,650 would strengthen the bullish argument.

If the index sustains above 9580-9600 then a bigger rally towards 9,700 could be on charts. Investors can stay long on the index with a stop loss placed below 9,540, suggest experts.

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