INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 index on Thursday briefly entered the positive terrain and was a tad away from the 11,450 level in intraday trade,
The index ended up forming a small bearish candle on the daily chart and looked headed for the 11,366-11,333 range on the downside.
The
11,450 level may continue to act as immediate hurdle in the near future
range, selling pressure may intensify towards the 11,300 level
The immediate hurdle is seen at 11,450 level, Taparia said.
For the day, the index fell 50.05 points, or 0.44 per cent, to close at 11,385
Thursday's candle resembled an Inverted Hammer formation, but it has no special significance
points in which it was moving
Mohammad of Chartviewindia.in.
Nagaraj Shetti of HDFC securities see rangebound trading ahead
There is also a possibility of the Nifty seeing rangebound trade between 11,450 and 11,350 levels in next two sessions, he said.
Hourly
charts also signalled consolidation ahead.
On the hourly chart, the index has been oscillating around its crucial hourly moving averages for
It also revealed that its fall from the recent high of 11,495 lacks an impulse structure.
This means that the fall is unlikely to turn out
A higher degree structure shows this is a Fourth Wave consolidation, which is typically a sideways one
The consolidation is likely to continue before the index kicks off the next leg of rally, said Gaurav Ratnaparkhi at Sharekhan.
