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​Tech View: Nifty forms small bullish candle, can go either way from here

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NEW DELHI: Nifty scaled another record closing high on Wednesday and formed a small bullish candle on the daily chart.

As long as the NSE barometer stays above the 12,150 level, there is a good chance of it hitting the 12,300 level soon, analysts said.

For the day, Nifty closed at 12,224, up 59.60 or 0.49 per cent.

The recent gains have shifted Nifty50’s support to the 12,160-12,100 zone, said Rohit Singre, Senior Technical Analyst at LKP Securities. “If the index manages to hold the level, it can see more upside towards the 12,300 mark,” he said. Chandan Taparia of Motilal Oswal Financial Services said Wednesday was the sixth consecutive session of gap-up opening for Nifty. “The index corrected in the initial hour of trade, but took support around its Horizontal Trendline and rebounded piercingly.

It continued to make higher highs and lows for the fifth session and formed a positive candle on the daily scale.

Till the time Nifty sustains above 12,150, we may see an up-move towards the 12,300-350 zone,” he said. He sees support for the index in the 12,050-12,100 range. “There are no apparent sell signals on the charts, but some of the momentum oscillators failed to keep pace with the higher tops of Nifty price chart and continued to make lower tops to hint at weakening momentum,” said Mazhar Mohammad of Chartviewindia.in. "In the next trading session, Nifty may come under selling pressure if it trades below 12,163 level for at least 30 minutes.

Contrary to this, if it manages to get past and sustain above 12,237 level, it should expand its move to the 12,290-350 zone,” he said.




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