INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 on Friday climbed half-a-per cent to reclaim the 11,000 level
The index needs a decisive break above the 11,050-11,080 range for sustained rise
Traders are advised to maintain stop losses for all long positions below 10,900 on a closing basis, says Mazhar Mohammad, Chief Strategist,
chartviewindia.in.
For the day, the index added 53.10 points, or 0.48 per cent, to 11,010
Alternately, the structure can take the form of a triangular pattern, if the consolidation continues
Nevertheless, the outlook continues to be positive from a short-term perspective with the 11,078-11,100 zone as a key target area
On the downside, the 10,935-10,925 zone, which is the lower end of the consolidation range, shall be the crucial support zone to watch out
Nagaraj Shetti of HDFC Securities believes the weekly pattern suggests a temporary halt in the upside momentum is likely
A minor weakness or a consolidation movement is expected next week, he said.
