NEW DELHI: Nifty added a few points on Tuesday than its previous close and formed a small bullish candle with a long lower shadow similar to a Doji formation on the daily chart.
The daily chart signals a capped upside going forward. Nifty has formed an indecisive pattern similar to that of Doji candles in the last five out of six sessions, suggesting that the rally is losing momentum.
According to Nagaraj Shetti, Technical Research Analyst, HDFC Securities, the short-term trend of Nifty continues to be rangebound within a high low band of 13,600-13,400 levels. He added, “A sustainable move above 13,600 levels is expected to result in Nifty continuing with next round of sharp upside momentum and inch towards the next upside levels of 13,900 in the near term.
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