But the level proved the day’s low as the index rallied to day’s high at 8,886 before settling at 8,879, up 57.50 points, or 0.65 per cent.“The Nifty50 continued its relentless strength as it formed a solid bull candle on Monday. Till the Nifty50 holds above the 8,820 level, this rally may extend towards 8,968 and 9,000, while on the downside multiple, supports are seen near 8,820 and 8,750 levels,” Taparia said.Sameet Chavan, Chief Analyst for Technical & Derivatives at Angel Broking , said Nifty50 closed above the trend line resistance of 8,820 on Friday that triggered the breakout in the index.“We are not so surprised by Monday’s move. It added further conviction to our view that the index may see new high soon. On Tuesday, the Nifty50 may head towards 8,920 – 8,969 levels after making a move above Friday’s high of 8,896. Traders are advised to keep holding directional long positions by trailing a stop loss at 8,700,” Chavan said.Chavan expects the index to see intraday support in the 8,856 – 8,804 range.

Source: Economic Times February 20, 2017 11:39 UTC