Nifty View
Nifty continues to trade within a 300-400
points trading range for the third consecutive week. The index may have managed
to defend the 11800 zones. However, the market breadth clearly seems to be
tilting towards the bears. Nifty is forming multiple Doji patterns near its
all-time highs on the weekly chart. This clearly indicates that the momentum is
fading and only a handful stocks are holding the benchmarks. Going forward,
12000-12030 is the crucial resistance area. While a breach past the 11800 zones
would drag the Nifty towards 11600-11650 levels.
Weekly Chart
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