NEW DELHI: The Nifty50 on Friday settled flat after briefly rising above the 11,700 level in morning trade, suggesting indecisiveness among traders. A long-legged Doji formation on the daily chart also suggested the same.
On the weekly scale, the index formed a Shooting Star pattern. It needs to hold above its immediate support at 11,640 for any further upsid e.
The Doji formation in Friday’s session was not at the swing high and, therefore, this pattern doesn’t have any significant predictive value, said Nagaraj Shetti of HDFC Securities.
“On the weekly timeframe chart, Nifty moved up and formed a long bull candle at a new high. The formation of long upper shadows in back-to-back weekly candle patterns indicate the emergence of selling interest at new highs. On the weekly timeframe chart, Nifty is placed near the crucial resistance at 11,790 (161.8 per cent Fibonacci projection). The underlying short-term trend remains choppy,” he said.
For the week, the index rose 3.70 points, or 0.03 per cent.
Aditya Agarwala of YES Securities believes a sustained trade above 11,750 could trigger a breakout from a Flag pattern, which can take the index to 11,850-11,900 levels. But a trade below 11,639, he said, will trigger a breakdown from a rising channel, which can drag the index to 11,525-11,450 levels.
So far, the index has been moving in a rising channel and is respecting its support trend line by connecting all the recent swing lows of 10,557, 10,630, 10,946 and 11,340 levels, said Chandan Taparia of Motilal Oswal Financial Services.
After Friday’s price action, the stakes are favouring the bulls in the immediate session, and hence, if it sustains above 11,640, there is a fair chance of Nifty testing 11,760 in the next couple of sessions, said Mazhar Mohammad of Chartviewindia.in.
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