Financial and Banking shares may indicate some profit taking after an accelerate move of late.
Analysis weekly chart, the Nifty is now, trading in a rising channel pattern which is suggested as positive sign investors can use any dip as a buying opportunity. Some of the technical buys where an investor can catch dips for a 10 to 15 % gain in the near term include Apollo Hospitals NSE 0.06 per cent, Godrej Consumer Products, Motherson Sumi, Piramal Enterprises and V-Guard.
During the recent buzz, the benchmark Nifty has made a record high of 12,103.05 on current month opening day. analysis weekly chart, we can observe here a high peak which definitely an all-time high optimism with market participants. However, the market buoyancy tends to get reduce whenever the Nifty goes 12,000 marks or higher. On the basis of the weekly chart, 3 consecutive upper wicks also show the same story of exhaustion at 12,000. In addition, after a strong rally in the Nifty, the RSI (14) failed to bring up with the rising value of the index. A negative separation on daily as well as weekly chart RSI (14) Notifies waning positive momentum after a strong rally. work on the market moment with experts tips Nifty Option tips.
Currently, the index has been consolidating at 113 % projection of the previous fall from 11,751 to 10,004. A decisive move above 113 % projection, which is pegged roughly at 12,000 would create a strong rally in the market when the Nifty could towards 12,500 or higher. On the lower end, 11,750 is likely to act as a crucial line of polarity. This fall below 11,750 may bring bigger correction in the market and the Nifty may go down towards 11,400 and lower.
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