INSUBCONTINENT EXCLUSIVE:
suggests the market is not done with the correction yet.
On the weekly scale, the index formed a bearish candle for the fifth week in a row
It has been making lower highs and lower lows all this while, and has lost some 1,500-odd points during this period.
Bearish candles on the
daily and weekly scales suggested the bears were holding a tight grip on the market, said Chandan Taparia of Motilal Oswal Securities
Nifty has seen the lowest weekly close in last 26 weeks
last two sessions remains intact, said Nagaraj Shetti Technical Research Analyst at HDFC Securities
As per the gap theory, this pattern indicates a bearish runaway gap, which could mean the declining trend could continue for some more time,
suggests the market may be stretching more on the downside and, thus, can attract trigger a relief rally going forward.
In case of a
pullback attempt, the initial hurdle can be expected around the 10,550 mark, said Mazhar Mohammad of Chartviewindia.in
If the bulls manage to close above the said level, the relief rally can extend Up to 10,850 level, he said.
