Indian indices ended higher on Thursday, hitting highest levels of more than four weeks, after global rating agency Moody's revised India's sovereign outlook to positive from stable. Nifty future contract expiring on 30th Apr 2015 gained 0.55% or 48.35pts to close at 8811.10, with premium of 32.8points and open interest decreased by 0.50%.
On daily charts, Nifty has made long legged doji candle with higher high-low formation, indicating that sentiments are bullish and traders are using every correction to build fresh long positions. Further, index manages to close above its medium term average of 20 Day SMA for the fourth consecutive session, indicating short term positive bias. At the same time, index has formed third consecutive doji candle, suggesting that current rally could be a sucker rally, so traders are advised to hold long position with strict stop loss. On the lower side, 8560, would now act as a major support.