INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty on Wednesday saw a strong intraday recovery, but could not close in the black
In the process, the index formed a bearish candle on the daily chart with a long lower wick.
Analysts said the NSE barometer may consolidate
around the prevailing level, before seeing any directional move
For the day, the index closed at 11,254, down 49.10 points or 0.43 per cent
The upside resistance for Nifty is placed at 11,350-400
Running Triangular pattern
The price action over the past couple of sessions has resulted in a Popgun Pattern formation on the daily chart
Thus, boundaries of the pattern i.e
In that scenario, it can initially extend the upswing up to 11,536
On the downside, it looks crucial for the index to defend the ascending trendline, which is in progress from the October 2018 lows of