On the daily chart, the Nifty index formed a small-bodied bullish candle on Wednesday with upper and lower wicks, indicating market indecision. This pattern reflects a tug-of-war between buyers and sellers, though the bullish close suggests that buyers had a slight edge by the end of the session. The Nifty index traded sideways in a … Read more
Technically, the Nifty on Wednesday broke last week’s low, which was near 23,816 and sustained below 23,800, triggering a fresh breakdown. Due to heavy selling pressure, the index has tested its 200-day exponential moving average (DEMA) support, which is placed around 23,540. The index ended up forming a bearish candle. A strong break below 23,500, … Read more
A long negative candle was formed on the Nifty daily chart on Tuesday, placed near the recent swing low of 4th November around 23,816 levels. Technically, this pattern indicates a lack of strength in the market to sustain the upside bounce. The short-term trend of the Nifty continues to be weak. A slide below 23,800 … Read more
The Nifty closed with a loss of 51 points (-0.2%) at 24,148 while the broader markets underperformed, with midcap and smallcap indices losing 1.3% and 1.7%, respectively, on Friday. The US Fed cut its benchmark lending rate by 25 bps to 4.5%, in line with expectations and in an attempt to support economic growth, China’s … Read more
A small negative candle was formed on the daily chart of Nifty on Friday with a minor lower shadow. Technically, this pattern indicates a choppy movement in the market. Having declined sharply from near the hurdle of 24,500 levels, one may expect further consolidation in the short term. The short-term trend of Nifty continues to … Read more
Indian headline indices closed in the red on Thursday, registering their second successive decline. They were dragged by IT, FMCG and bank stocks. While Nifty finished at 24,205.35, going down by 135.50 points or 0.56%, the 30-stock S&P BSE Sensex settled at 79,389.06, lower by 553.12 points or 0.69%. Nifty opened flat and traded within … Read more
Nifty closed lower on Wednesday after a two-day gain. A sell-off in the later half of the session erased the morning gains as the star performers of the previous two days i.e. banks came under profit-taking. Nifty formed a small red candle on Wednesday near the 100-Day Exponential Moving Average (DEMA), signalling strong resistance around … Read more
The Nifty gained 128 points on Tuesday to close at 24,467. It started on a weak note, but bounced back sharply from around the support zone of 24,150-200 and remained above the same throughout the trading session. The first half was very volatile after a negative start and, simultaneously, fresh buying emerged during the second … Read more
The Nifty formed a long bearish candle on the weekly chart on Friday. Technically, this suggests that the markets are likely to remain under pressure in the near term. However, there is a possibility of a minor pull-back rally or sideways consolidation in the next 1 or 2 days after a sharp fall, which was … Read more
A small positive candle was formed on the daily chart on Wednesday with an upper shadow. Technically, this formation indicates a type of bullish inverted hammer-type candle pattern, not a classical one. A sustainable move above the high of this pattern at 24,605 could confirm the positive pattern for the short term. The underlying trend … Read more