INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 tanked for the third day in row on Friday, forming a bearish candle on the daily and weekly charts
the bears have strengthened their grip on the market, as the NSE barometer formed bearish candles on eight out of last 10 sessions
Analysts feel as long as the index stays below 11,050, the short-term outlook will remain negatively biased
Small comebacks, though, cannot be ruled out
upswing from 9,952 to 11,760 levels
The index has been making lower tops and lower bottoms from last four weeks and has corrected by around 900 points from its lifetime high of
Securities.
For the day, the index declined 47.10 points, or 0.43 per cent, to 10,930
bearish engulfing pattern
Mazhar Mohammad of Chartviewindia.in.
Any such pullback should ideally be utilised to create fresh short positions as the medium-term trend
of this market appears to be downward.
The long bear candle on the daily chart is placed at the key lower support at 10,850, as per the
The index is also resting on the support as per the role reversal, but it remains to be seen if Nifty can sustain above this support for
A minor bounce could be expected from the lows next week
