INSUBCONTINENT EXCLUSIVE:
Late buying aided NSE benchmark Nifty50 form a Hammer-like candle on the daily chart on Thursday
Supports shifted lower, as suggested by the formation of lower highs and lows for the fourth straight session
Analysts believe the market may find temporary support at current levels.
Although Nifty settled the expiry day session on a negative note,
it showed some signs that a temporary bottom maybe in place
The index recouped over 100-points from the low point before ending 45.20 points, or 0.39 per cent, down at 11,633
The 50-share index shuttled between an intraday high and low of 11,663 and 11,536 earlier in the day
The index had opened the day at 11,633 against the previous close of 11,678.
Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst,
The occurrence of such a candle near the pattern support area increases the chances of the market finding a temporary support at current
Research - Trading Advisory, Chartviewindia, believes as long as Nifty sustains above the 11,500 level, some sideways consolidation with a
positive bias can be expected as they are already in oversold levels with a vertical fall from the high of 12,152 in last five sessions.