Technical View: Nifty forms bullish candle, experts say high-risk traders can remain long
The Bank Nifty ended the day with gains of 1,197.40 points, or 3.32 percent, at 37,306.30, forming a strong bullish candle on the daily scale. Sunil Shankar Matkar February 15, 2021 / 04:34 PM IST
The Nifty50 opened strong and remained in the positive terrain throughout the session to close above the 15,300-mark for the first time on February 15, backed by optimistic global sentiment and improving corporate earnings.
Banking and financials led the rally as the BSE Sensex, too, reached a milestone by crossing the 52,000-mark.
The Nifty50 witnessed a gap-up opening at 15,270.30 and extended the rally to hit an intraday record high of 15,340.15. The index settled at 15,314.70, up 151.40 points, or 1 percent.
Technical View: Nifty forms small bullish candle on weekly charts, prudent to remain neutral for now
Mazhar Mohammad of Chartviewindia advised traders to wait for a breakout in either direction before initiating a trade. Sunil Shankar Matkar
Representative image | Source: Unsplash
Nifty50 gained strength to the tune of nine-tenth of a percent in the morning, but profit booking and volatility in last couple of hours of trade pulled the index lower on February 12. FMCG, metals and pharma stocks weighed down and banking & financials supported the index.
The index formed Doji kind of pattern on the daily charts, while there was small bullish candle formation on the weekly scale. Nifty is up 1.6 percent for the week. A Doji candle indicates there is some indecisiveness among the bulls and the bears and bounces were being sold in the absence of follow-up buying interest.
Participants would be actively tracking key macroeconomic data like IIP, CPI and WPI data for cues on Friday. A decisive break above 15,250 would trigger further up move else consolidation will continue, suggest experts.
Technical View: Nifty forms Doji pattern, could remain sideways with negative bias
Mazhar Mohammad of Chartviewindia feels traders with high risk appetite can remain short if Nifty trades below 14,977 levels for atleast 30 minutes and look for bigger targets by placing a stop loss above 15,000 levels on closing basis. Sunil Shankar Matkar February 10, 2021 / 05:33 PM IST
The Nifty50 remained volatile throughout the session and closed on a flat note on February 10 as selling in banks weighed on sentiment. Auto, select IT and pharma stocks supported the market.
The index formed a Doji kind of pattern on the daily charts, which experts feel indication of consolidation in the coming sessions. A Doji candle indicates there is some indecisiveness among the bulls and the bears and bounces were being sold in the absence of follow-up buying interest.
After The Bell: Market snaps 6-day rally; what should investors do on Wednesday?
For the next few trading session, 15,250/51,800 would be the key resistance level; trading below the same, we can expect intraday correction up to 15,000-14,950/51,000-50,500. February 09, 2021 / 06:46 PM IST
Indian market snapped a 6-day winning streak and closed flat after hitting a record high on February 9. The S&P BSE Sensex touched a record high of 51,835 while the Nifty50 touched a high of 15,257 during the day.
Let’s look at the final tally on D-Street – the S&P BSE Sensex fell 19 points to 51,329 while the Nifty50 closed 6.5 points lower at 15,109.