NEW DELHI: The Nifty50 erased morning losses to end flat on Friday.

The index respected the 10,700 level, but failed to cross above the key resistance at 10,780.

The index formed a Small Bullish Candle, suggesting waning of its recent bullish momentum.On the weekly scale, the index formed a high wave long-legged Doji, said Chandan Taparia of Motilal Oswal Securities, who believes while every decline is being bought into, followup buying is missing somewhat at higher level to help it hold beyond 10,770 level on a closing basis.

For the day, the index edged 0.70 points, or 0.01 per cent, lower to 10,767.

Nagaraj Shetti of HDFC Securities said the Doji formation on the weekly scale following an uptrend over the past couple of weeks is not a conducive signal for the bulls to sustain at high level. The maximum upside to be watched for next week is 10,800-850 levels, and there is a possibility of weakness emerging at higher levels during early to mid part of next week, Shetti said. Experts such as Vikas Jain of Reliance Securities said one should stay positive on the market, as long as the index respects key supports in the 10,550-10,580 range. Thursday’s gap-up opening in the 10,722-10,698 zone appears to be a critical breach of support, which shall enhance selling pressure on a closing basis and can possibly force the Nifty50 to head towards the 10,550 level, said Mazhar Mohammad of Chartviewindia.in. Traders are advised to remain cautiously optimistic till a directional move unfolds going forward, the expert said.