Nifty to consolidate at 4950-5100 before uptrend resumes: Edelweiss
Edelweiss expects the Nifty to consolidate in 4950-5100 range before resuming another upmove.
By ET Bureau |
MUMBAI: Edelweiss expects the Nifty to consolidate in 4950-5100 range before resuming another upmove.
���Nifty has now moved in an upward rising channel the lower band of which is providing constant support in the market. The candlestick pattern of last 3 days confirm that some fatigue has crept in the index and the structure may lead to some consolidation / correction in the uptrend which is likely to continue further.
Broadly we expect the index to consolidate more in range of 4950-5100 before the uptrend resumes. Till the index manages to close above rising trendline support of 4900 the bullish outlook for price objective of 5300 remains intact.
Oscillators on daily chart have moved in sell mode with RSI, MACD, ROC, Stochastic all generating bearish crossover. Directional indicator remains in bullish mode depicting the strength of the prevailing trend,��� the report said.
���Nifty has now moved in an upward rising channel the lower band of which is providing constant support in the market. The candlestick pattern of last 3 days confirm that some fatigue has crept in the index and the structure may lead to some consolidation / correction in the uptrend which is likely to continue further.
Broadly we expect the index to consolidate more in range of 4950-5100 before the uptrend resumes. Till the index manages to close above rising trendline support of 4900 the bullish outlook for price objective of 5300 remains intact.
Oscillators on daily chart have moved in sell mode with RSI, MACD, ROC, Stochastic all generating bearish crossover. Directional indicator remains in bullish mode depicting the strength of the prevailing trend,��� the report said.
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