- Nifty have formed a Black Spinning Top on Friday, which comes on the back of four consecutive white body candles.
- On the weekly chart, Nifty50 have formed a big White body candle, which overcomes the Bearishness of last week’s Bearish Engulfing as this week’s closing is above the high of Bearish Engulfing.
- Thus daily as well as weekly candlestick pattern study suggests a Bullish bias in the near term.
- Rupee Strengthens.
- Oil prices steadied on Friday on expectations that Organization of the Petroleum Exporting Countries (OPEC) and Russia will agree some form of production cuts, although increasing US supplies kept markets in check.
- Nifty way to test 11000, on the upside.
- Nifty finally breached the trading range of last two months and an indication of further upward move which can help the Nifty towards the 11000 mark.
- Nifty support is now at 10700 levels. Closing below 10700 will make Nifty weak.
- Next one week of trade is very important as RBI policy, OPEC meeting, Exit poll results and actual results all will play.
- Nifty likely to face resistance at 10960 and support at 10840.
Nifty50 Chart Analysis: Black Spinning Top
- Nifty formed Black Spinning Top candle on the daily charts.
- This one occurs in a downward price trend, but the breakout is upward.
- Lack of determination.
- FII: -332.62 CR
- DII: 1,489.65 CR
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