 "Photo: Shutterstock.com")
Technical calls and Nifty outlook by Devarsh Vakil & Vinay Rajani - PCG Desk, HDFC Securities:
Nifty Outlook
Yesterday, Nifty failed to surpass the previous top resistance of 10638, to close at 10554. Yesterday’s fall from the higher levels seems like a regular profit booking, which does not violate the probability of extending the pullback in the Nifty towards the next target of 10700-10750. Last week, Nifty formed bullish candlestick pattern known as “Dragonfly Doji” on the weekly charts. This pattern signals indecision among traders. It's formed when the security's high, open, and close prices are the same.
Nifty Outlook
Yesterday, Nifty failed to surpass the previous top resistance of 10638, to close at 10554. Yesterday’s fall from the higher levels seems like a regular profit booking, which does not violate the probability of extending the pullback in the Nifty towards the next target of 10700-10750. Last week, Nifty formed bullish candlestick pattern known as “Dragonfly Doji” on the weekly charts. This pattern signals indecision among traders. It's formed when the security's high, open, and close prices are the same.
