Tuesday tales: Swinging market clocks 5th day of gains

Commenting on the current market situation, Amar Ambani, Head of Research, IIFL, said “After breaking out from the neckline of an inverted head and shoulder pattern (H&S) on Monday, Nifty has further gained ground and convincingly closed above the 50 day moving average. However, there are multiple resistances at 100 DMA which is at 8,225 and the 200 DMA which is at 8,380. The current breakout would stand void only if Nifty closes below the September lows of 7,690.”