INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 on Friday took out its immediate resistance at 12,220 and formed a bullish candle on the daily chart, confirming an
upside bounce in the market
Analysts said the index has the potential to climb towards the 12,290-360 range, and even 12,400 level, in the coming days
But a Bearish Engulfing Candle on the weekly scale is looking worrisome and, thus, any upside may be vulnerable to selloff, they said
Technical Research Analyst at HDFC Securities.
For now, Shetti sees a positive underlying trend for Nifty50
The index rose 67.90 points, or 0.56 per cent, to close at 12,248.
A close below 12,225 next week can set the tone for a sharper correction
current pullback swing has a logical target placed in 12,290-360 range
extend its rise towards the 12,300-12,400 range on back of broad buying interest in the market
To maintain the current bullish tempo the index has to stay above 12,170, he said