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Synopsis
India VIX moved up 1.28% from 23.12 to 23.41 level. Now, VIX needs to cool down and hold below 20 zone for continuation of the ongoing momentum with a higher market base.
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Signs of fatigue are visible, especially on the daily charts where Nifty formed an indecisive candle on Friday.
NEW DELHI: Nifty formed an indecisive Doji kind of candle formation on the daily scale and a long bullish candle on the weekly chart on Friday.
“15,000 has proved to be a psychological resistance but that should not deter the thought process on the trend. We continue to remain bullish and the Nifty has the wings to achieve 15,200. A buy on dips strategy would be advisable,” said Manish Hathiramani, technical analyst at Deen Dayal Investments.
NEW DELHI: Dalal Street traders bought into the dip in the morning session and took Nifty50 higher for the fourth straight session on Thursday. In the process, the index formed a bullish candle for yet another day on the daily technical charts.
Nifty scaled yet another record high, as it rose 105 points, or 0,71 per cent, to 14,895. It moved in a 200-point range during the session. Analysts believe the next stop for Nifty could be 15,000.
“A small positive candle was formed with a minor lower shadow. Technically, this pattern could signal continuation of the uptrend after the formation of a High Wave type confusing candle on Wednesday. Hence, one may expect further upside in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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