Tech View: Nifty forms bullish engulfing candle, index all set to leap towards 16,800

The daily momentum indicator has been in bullish mode, whereas the hourly momentum indicator developed a positive divergence and started a new cycle on the upside. This suggests that the Nifty50 is set for a leap towards the junction of the swing high and the daily upper Bollinger Band, which is near 16,800,” said Ratnaparkhi.