Nifty formed a Doji candle on the daily chart on Tuesday with a shadow equal on both sides after the gap up, indicating indecisiveness in the index. The index was sold off from its high by more than 0.5%. Also, at the day’s high, India VIX was stable, indicating a possible reversal from the current … Read more
A reasonable negative candle was formed on Nifty’s daily chart on Monday with a minor upper shadow. Technically, this pattern indicates an attempt at a downside breakout of immediate supports of around 23,000 levels, which may not be a good sign and indicates more weakness in the near term. The negative chart pattern like lower … Read more
The domestic benchmark index Nifty opened on a marginally negative note on Friday, witnessed buying interest in the first half but the later half witnessed heavy profit booking and settled the day on a negative note at 23,092. Technically, the Nifty on a daily scale has formed a red candle indicating weakness on Friday. However, … Read more
On the daily chart, the Nifty index on Thursday displayed follow-up buying after the previous session’s bounce from lower levels but struggled to sustain higher levels. This pattern suggests that selling pressure persists at elevated levels, reflecting a lack of conviction among buyers. A breakdown below the immediate and crucial support at 23,000 could intensify … Read more
Nifty on the weekly chart formed a small bullish candle with minor upper and lower shadows on Friday. Technically, this weekly market action signals the formation of a Doji candle pattern. Normally a Doji pattern after a reasonable weakness could be an impending reversal signal post-confirmation. The short-term trend of the Nifty remains weak amidst … Read more
A small red candle was formed on the daily chart of Nifty on Wednesday, with minor upper and lower shadows. This market action usually signals a choppy movement in the market with a positive bias. The negative chart pattern like lower tops and bottoms is intact and the present pullback could be in line with … Read more
Nifty formed a small positive candle on the daily chart on Tuesday with a gap-up opening and a long upper shadow. Technically, this indicates an upside bounce in the market with a lack of strength to sustain the highs. The negative chart pattern like lower tops and bottoms is intact on the daily chart and … Read more
The Nifty formed an Inside Bar candle on the daily chart on Tuesday, closing near the 23,700 mark. However, market sentiment remains cautious. A breach below the 23,600 level could lead to further corrections towards 23,400 and 23,000, identified as immediate support levels. On the upside, resistance is pegged at 23,800 and 24,000. Technical indicators … Read more
As the Nifty 50 index closed below the crucial 200-DEMA on Monday, technical indicators present a mixed outlook for the market. The Relative Strength Index (RSI) currently stands at 40.7 — trending downward and indicating bearish momentum. In contrast, the Stochastic RSI showed a bullish crossover, hinting at a potential short-term recovery. This divergence in … Read more
Nifty, on Monday, formed a reasonable negative candle on the daily chart with an upper shadow. Technically, this market action indicates an attempt for a downside breakout of the range movement. This is not a good sign and signals more weakness ahead. The crucial support of the 200-day EMA has been violated again at the … Read more