INSUBCONTINENT EXCLUSIVE:
NEW DELHI: After rising to a level just 2 per cent short of reclaiming its record high, the Nifty50 made a U-turn on Tuesday and reversed
the entire morning gains to close in the red
The index formed a candlestick pattern similar to the Gravestone Doji on the daily chart, suggesting strong resistance at higher levels.
The
index fell 4.75 points, or 0.04 per cent, to close at 10,801
It rose 122 points in intraday trade, but then tanked amid concerns over the likelihood that an INC-JD(S) alliance would pip the BJP to
2.21 per cent away from hitting a record high of 11,171
The Nifty50 may remain under pressure on Wednesday
said Mazhar Mohammad of Chartviewindia.in.
Analysts said given the poor market breadth, traders may wait for a proper correction before
(10,780) will confirm the above-said pattern and the profit booking may extend the index further towards 10,730 and 10,700 levels
The 10,840-10,850 zone will remain an immediate hurdle
The index, meanwhile, has formed higher lows for the seventh consecutive session
said Chandan Taparia of Motilal Oswal Securities.
