Nifty likely To Consolidate Before Rally 4 Stocks Which Could Give Up To 8% Return In Short Term

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The Nifty index witnessed another staggering leap during the past session to register record high level with a major breakout from 10,200 level.

However, the vindication towards the following day indicated a weak support for the breakout as it turned choppy to close below its psychological level marked at 10,200 level, indicating a sluggish sentiment among market participants and invalidating a run-up.

On the weekly price chart, the index formed a small bearish candlestick pattern after forming a “hanging man” kind of pattern in the previous session, indicating a weak market movement.

Further, the secondary momentum indicator slipped from earlier level but remained on the favorable price level. Based on a Fibonacci retracement, the index is currently trading above all the crucial levels with major support placed at 10,035 level and resistance level at 10,251.

With weak global cues and earnings data coupled with regulatory stance, it signed a caution sentiment in the upcoming session and it is expected to witness a marginal consolidation before the next rally.

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