INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty on Monday formed a bearish candle on the daily chart for the third straight session
The index closed below its 20-day simple moving average (SMA) of 12,059, and made a lower low formation for yet another day, suggesting
supports were shifting lower
Sustained trade below 12,040 level will drag Nifty to 11,990-11,930
of YES Securities.
For the day, the index closed at 12,045.80, down 67.65 points or 0.56 per cent
formation of a Bullish Harmonic pattern called Bullish Shark on hourly chart and Potential Reversal Zone (PRZ) of the same is placed at
says Chandan Taparia, Technical - Derivative Analyst at MOFSL
Rohit Singre of LKP Securities said that any sustained move below 12,000 will
have the potential to push the index towards 11,800
He sees an immediate hurdle in the 12,100-12,160 range.