INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 on Friday signed off the week with a bearish candle on the daily chart
The index did not generate any sell signal on the technical chart
In fact, it formed higher highs and higher lows for the day and is likely to face resistance around the 10,800 mark next week.
The key
overhead resistance of 10,760-780 levels weighed on the market and led to weakness, said Nagaraj Shetti of HDFC Securities
The weekly chart suggested lack of strength on the upside, Shetti said.
For the day, the Nifty50 fell 39.95 points, or 0.37 per cent, to
The outlook for next week remains choppy, and the crucial upside limit of 10,800 is expected to trigger sell on rise next week
An immediate support to be watched out is at 10,550, Shetti said
On the weekly scale, the index formed a 'Spinning Candle' with long shadows followed by a Dragon Fly Doji, which indicated a tough fight
between the bulls and the bears, said Chandan Taparia of Motilal Oswal Securities.
"The immediate trend is positive, but followup buying was
Mohammad of Chartviewindia.in noted that none of the technical parameters generated fresh sell signals on the lower time frame charts, and
indices may once again retest the recent low at 10,550
