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Technical View: Nifty forms bullish candle, experts say high-risk traders can create long positions

Traders should focus on stock-specific opportunities, while those with a high-risk appetite can consider long positions on the index if it sustains above 14,900 for more than 30 minutes for a modest target of 15,000 with a stop below the intraday low, Mazhar Mohammad of Chartviewindia has said.

March 30, 2021 / 04:53 PM IST

The Nifty50 had yet another strong session registering 2 percent gains on March 30, backed by positive global sentiment after the news that US President Joe Biden is likely to announce $3-trillion infrastructure package. The BSE Sensex went past the 50,000-mark as all sectors participated in the bull run.

After opening higher at 14,628.50, the Nifty50 remained strong throughout the session and hit the day's high of 14,876.30 before signing off at 14,845.10, up 337.80 points or 2.33 percent.

The index, after a Doji formation on March 26, formed a healthy bullish candle on the daily charts on March 30 as the closing was higher than opening levels. Experts expect the bullishness to continue if the index rises and sustains above 15,000.

Traders should focus on stock-specific opportunities, Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory at Chartviewindia said. Those with a high-risk appetite can consider long positions if the index sustains above 14,900 for more than 30 minutes for a modest target of 15,000 with a stop below intraday low, he said.