Tech View: Rapidly rising candle in Nifty, index 16,800 . ready to leap towards

The NSE Nifty 50 index closed on a positive note on Thursday after falling for four consecutive days. In the process the index formed a bullish engulfing candle on the daily charts, indicating bullishness. nifty 50 Opened on a negative note at 16,263.85 and closed at 16,243.85 low. However, during the day, buying took place at lower levels to take the index higher to 16,492.80. Eventually it closed at 16,478.10, up 121.85 points or 0.74 per cent. Rupak Dey, Senior Technical Analyst , said the daily RSI is in a…