INSUBCONTINENT EXCLUSIVE:
The index eventually formed an indecisive 'Doji' candle on the daily chart
This was the second session when the index formed a higher high, but analysts said the 11,400 level is proving a tough barrier for the
was formed by joining the highs post September 23, placed at 11,400 mark
On the flip side, the bulls have managed to defend the 200-DMA placed at 11,270
If the bears continue to push the index lower from 11,410 mark, the index will continue to oscillate in the 11,200-11,400 range, before
points, or 0.22 per cent, higher at 11,329.
"The intraday breakout above 11,400 was whipsawed
In the next session, if the index slips and settles below 11,290 for at least 30 minutes, it can induce more selling pressure, with initial
targets placed around 11,189
For the time being, upsides shall continue to be capped around 11,420 level, unless a decisive breakout is registered above the said level,"
said Mazhar Mohammad of Chartviewindia.in.
Nifty once again saw profit booking at the strong resistance at 11,400, suggesting that this
level will act as stiff resistance in the coming sessions, said Rohit Singre, Senior Technical Analyst at LKP Securities.
The index has been
seeing good support in the 11,280-11,200 range, he said
The correction period, which lasted several sessions, seems to have come to end
Traders should look to position themselves on the long side, said Amit Shah, Technical Research Analyst with Indiabulls Ventures.