INSUBCONTINENT EXCLUSIVE:
The Nifty50 index closed a session of rangebound trade on a flat note on Friday
After moving in a range of 63 points, the index settled the day 0.13 per cent higher at 10,805
During the process, it formed a small white-bodied candle on the daily chart
The index had opened the session 7 points down at 10,784
this is not a significant formation
expected to emerge if the index breaks below its 200-day moving average (10,756), which appears to be acting as a support for last two
sessions, as Nifty has bounced back after testing the said average, market experts said
In the past couple of sessions, the index seems to have formed a distribution near the 78.6 per cent retracement of the previous fall
The overall structure suggests the bears are warming up before the next downward leg begins
From a trading perspective, one can initiate a fresh short position with a reversal above the recent high of 10,941
Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas
India VIX fell 3.21 per cent to 15.05
It has seen a sharp cut of 28 per cent in last four sessions, which suggests the bulls are holding a tight grip on the market with the
expectation of limited downside.
