INSUBCONTINENT EXCLUSIVE:
The bears took charge of Dalal Street on Friday and pushed down the equity benchmarks after a US strike in Baghdad killed Qassem Soleimani,
belt.
Before closing 55 points, or 0.45 per cent, down at 12,226, Nifty shuttled between a high and low of 12,265 and 12,191,
respectively.
In the process, the index formed a bearish candle on the daily chart
Overall, the index kicked off the session in the red following tensions in West Asia
occurred on the daily chart
It was just a black body candle
Consulting Technical Analyst, Gemstone Equity Research - Advisory Services.
Nagaraj Shetti, Technical Research Analyst at HDFC Securities,
said Friday's candle pattern was placed beside Thursday's long bull candle
"Technically, this pattern indicates a rangebound movement ahead for Nifty," he said.
Analysts believe Nifty index will remain in a broad
said if Nifty fails to sustain above 12,191 level on a closing basis next session, then it will set the tone for a correction with an
initial target placed at 12,070 level
On the upside, Nifty may continue to struggle till it breaks above the 12,293 level
On such a breakout, the rally can get extended up to 12,400 level.
Bank Nifty witnessed profit booking and settled 1 per cent down at
32,069.
Amit Shah, Technical Research Analyst, Indiabulls Ventures, said Bank Nifty's key near-term support is at 31,900
"A breach below this support would weaken the near-term upward momentum and trigger profit taking
The 32,500-32,600 zone has acted as a key resistance for the index and triggered profit booking around those levels."