INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 on Thursday faced selling pressure around the 11,100 level as it ended below the opening level, forming a small
bearish candle on the daily chart, which resembled a ‘Hanging Man’ pattern.
While the pattern suggested buying at lows, it also showed
that the bulls were losing grip on the market
That said, Nifty holding above 11,050 is positive and suggests consolidation is in the offing.
“Nifty is witnessing loss of momentum on
the upside since the past couple of sessions
There is a high probability that the index will get into a consolidation mode over the next few sessions
The junction of 61.8 per cent retracement of the September-October decline, the daily upper Bollinger Band and the February high is a strong
hurdle to watch out for,” said Gaurav Ratnaparkhi of Sharekhan.
Unless Nifty50 takes out the 11,095-11,118 zone, it may keep testing
crucial daily moving averages, he said
Nagaraj Shetti of HDFC Securities echoed a similar view
He said there could be consolidation or higher-level weakness on Friday
For the day, Nifty rose 5.20 points, or 0.05 per cent, to close at 11,058.
It could face some headwinds in the 11,100 - 11,200 region in the
near term, said Arun Kumar, Market Strategist, Reliance Securities.
Chandan Taparia of Motilal Oswal Securities sees downside supports at
To extend the ongoing rally, Nifty needs to hold above 10,985, he said.
Mazhar Mohammad of Chartviewindia.in advised traders to remain
cautiously optimistic with a stop loss below 10,990
Fresh buying opportunity, he said, will emerge on any close above 11,100
