“Nifty restricted its move to 230 odd points in the eventful week, showcasing timidity among the counterparties. Technically speaking, amidst the ongoing consolidation in the market, the chart structure construes a time-wise correction, which is to be taken as a healthy sign in a bullish market scenario,” Osho Krishan, Angel One, said
A small negative candle was formed on the daily chart with minor upper and lower shadows. Technically, this pattern indicates sideways movement in the market with a weak bias at the crucial resistance of 19,650 levels
A reasonably positive candle was formed on the daily chart on Wednesday with a long lower shadow. Technically, this pattern indicates a bullish Hammer-type pattern (not a classical one), but its placement is not ideal
The Blue-chip Nifty 50 and Sensex indexes reached record highs, driven by gains in Adani group stocks and financials. Positive global cues, foreign buying, and stable macros also contributed to the rally. The Nifty climbed 1.03% to a record high of 19,011, while the Sensex closed 0.79% higher at 63,915. The markets were closed on Thursday for Bakri Eid. Analysts expect the Nifty to maintain levels around 18,870 and overcome the 19,000 mark for further short covering.