INSUBCONTINENT EXCLUSIVE:
However, it continued to make higher high-higher low formation for the fourth straight session
Upside from here on, if any, could be limited, said experts.
For the day, the index climbed 18 points, or 0.17 per cent, to 10,877.
Nagaraj
Shetti, Technical Research Analyst at HDFC Securities, noted that the formation of a Spinning Top after a reasonable upmove could be
He noted that the index failed to show a follow-up buying after moving above the key of 10,850 level.
That said, a long bull candle on the
weekly timeframe has nullified the bearish candlestick pattern of the past week
This, Shetti said, is a positive indication as per the larger timeframe.
"Market internals as observed by us remain negative and are not
complementing the ongoing rise," said Arun Kumar, Market Strategist at Reliance Securities
are still holding a tight grip in the market, said Chandan Taparia of Motilal Oswal Securities
The index, Taparia said, needs to hold above 10,777-10,800 for a possible upside towards 10,929 level.
The support for the index is seen at
10,650.
"One can remain positively biased and look to buy dips as long as the Nifty sustains above the bullish gap zone of 10782-10,757
registered last Thursday," said Mazhar Mohammad, Chief Strategist of Chartviewindia.in.
Neutral to negative stance should be maintained if
the Nifty50 closes below its 200-day moving average of 10,744, he added
