Nifty ended Wednesday’s session 42 points lower to form a bearish engulfing pattern on the daily chart. Though, Nifty placed at the highs, there is still no confirmation of any significant reversal pattern building at the highs. Further weakness only below 23,300 levels could be considered as a short-term top reversal pattern. Further sustainable upside … Read more
Nifty ended Tuesday’s trading session 92 points higher to form a Doji candle as the short-term trend of the index continues to be positive with range-bound action. Having sustained above the hurdle of 23,515 levels (1.382% Fibonacci extension), one may expect Nifty to move towards the next resistance of 1.786% Fib extension at 23,950 levels … Read more
Nifty is stuck in a narrow range between 23300-23500, and a break on either side will lead to trending moves, says Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. “The underperformance of BankNifty is preventing Nifty from moving higher; for Nifty to break on the higher side, BankNifty must start performing. The undertone … Read more
Nifty ended Friday’s session with a gain of 67 points to form a long-legged Doji-type candle pattern, hinting at chances of a trend reversal next week. Nifty continued to show range-bound action within 23,300-23,500 levels and still there is no early signs of any breakouts on either side. A decisive move above 23,500 levels is … Read more
After making a new all-time high of 23,481, Nifty ended the Thursday expiry day 76 points higher to form a small negative candle with a minor lower shadow. The short-term trend of Nifty continues to be a range bound with positive bias. Previously, such sideways range movements at the higher tops have eventually resulted in … Read more
Nifty ended Wednesday’s session with a gain of 58 points but saw the formation of a small negative candle with upper shadow on the daily chart to signal range-bound action at the crucial hurdle of around 23,400-23,500 levels. The overhead resistance of key Fibonacci extension, opening upside gap of 4th June, upward sloping resistance line … Read more
Nifty ended Friday’s session higher by 469 points to form a long bull candle on the daily chart at 23,290 points. The short-term trend of Nifty continues to be positive as the index ended near the all-time high. Having reached the overhead resistance of around 23,300-23,400 levels, there is a possibility of minor dip in … Read more
Nifty on Thursday formed a Doji candle on daily chart, which indicates indecisiveness prevailing in the marketplace at current juncture. The short-term trend of Nifty continues to be positive amid high volatility. Having moved above the hurdle of 22,250 level (mid-part of Tuesday’s long bear candle) recently, Nifty could move towards the next upper hurdle … Read more
Nifty ended Wednesday with gains of 735.85 points or 3.36% and settled at 22,620.35 led by strong buying activity across sectors but more prominently in banks and autos. The 50-stock index ended above the downside channel support of 22,200. Analyst Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said call writers (bears) are exiting … Read more
Nifty on Wednesday ended 183 points lower near the 22,700 level as the index formed a dark cloud cover candlestick pattern on the daily chart. Support for Nifty is now seen at 22,675-700 and 22,500 levels. On the higher side, the immediate resistance zone is at 22,825-850 levels and the next psychological resistance is at … Read more
