For the day, Nifty closed at 11,930, up 33.90 points or 0.28 per cent.
Aditya Agarwala, Senior Technical Analyst at YES Securities, said the bulls have defended the first line of support in the 11,900-11,850 range.
“They will have to make sure that they push the index beyond the major hurdle in the 12,025-12,030 range for resumption of the uptrend. On the flip side, if the bears manage to take the index below the major support zone at 11,800-11,780, it may trigger an intermediate corrective wave and drag Nifty50 lower to the 11,680-11,650 zone,” Agarwala said.
Check out the candlestick formations in the latest trading sessions
Shrikant Chouhan of Kotak Securities said traders need to be disciplined and careful while trading in the coming week. “On a weekly basis, the market has formed a ‘narrow-range inside body’ formation. It is certainly going to invite major volatility in the coming week, which is the last week of the current month’s F&O contracts,” he said.
Mazhar Mohammad of Chartviewindia.in said the index has also formed a Spinning Top-kind of formation on the weekly chart.
“This formation along with the indecisive patterns on the daily charts for three consecutive sessions is showing the vulnerability of the market around the 12,000 mark. Unless the index registers a strong close above 12,025 level, the upside strength cannot be expected. Nifty shall remain sideways, but will be vulnerable to selloff if it slips below 11,900 level on Monday. In that scenario, the target would be towards 11,775 level,” Mohammad said.
Sameet Chavan of Angel Broking said the intermediate support is placed in the 11,820-11,775 zone. “If we have to pre-empt any direction, we expect Nifty to surpass the 12,000 – 12,050 range in the coming days to head towards the 12,200-12,400 zone,” he said.
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