Nifty on Monday failed
to hold above the 11700 mark by a whisker and ended at 11699.
During the day, the index tested its 50 DMA, before ending the session with an
indecisive ‘Spinning Top’ candle on the daily chart. The Sensex and Nifty fell for second straight day
led by declines in energy and oil & gas shares. The Sensex ended 72 points lower at 39123 and the nifty fell 24 points to close at 11700.
Nifty is likely to
consolidate in range of 11500 on the downside and 11650 on the upside and
traders should stay away from taking any position in the Nifty from a near term
perspective, The Nifty has formed a Bullish Harmonic Gartley pattern on
the hourly chart, which can result in its push toward 11775 and 11,825 levels. Any
dip in the index towards 11675 level would provide a very lucrative risk-reward
for a long trade.
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Resistance: 11750, 11800
Support: 11725, 11650
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