Tech View: Nifty forms small bullish candle, not holding above 11,042 level is a concern

Nifty needs to break above 11,054 before heading towards the crucial 11,100-11,180 range.

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New Delhi: Nifty50 managed to hold on to the psychologically important 11,000 mark throughout Wednesday’s session. It closed marginally above the opening level after facing resistance above 11,050, thus forming a small bullish candle on the daily chart.

The index needs to break above the 11,054 level before heading towards the crucial 11,100-11,180 range.

The index needs to maintain the formation of higher highs and lows in a bid to head towards key hurdles at 11,111 and 11,141 levels, said Chandan Taparia of Motilal Oswal Securities. Nifty supports exist at 10,950 and 10,929 levels, the expert said.


For the day, the index rose 32.65 points, or 0.30 per cent, to 11,035. It traded in a narrow range of 40 points throughout the session.

“The narrow range should be a cause of concern, as Nifty failed to sustain above its key resistance point at 11,042 on a closing basis,” said Mazhar Mohammad of Chartviewindia.in.

Mohammad said the pressure may get intensified if the index trades below 11,011 level for at least first 30 minutes of trade on Thursday.
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Weakness, if any, may get confirmed on a close below 10,990 level, he said. “Contrary to this, the index may show strength if it trades above 11,054 on an intraday basis, which can strengthen and extend the rally towards the 11,170 mark,” he said.
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