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"The weekly Bearish Engulfing pattern is still intact. Considering the evidence, we reiterate our cautious view on the index and expect it to correct in the near term," says Aditya Agarwal, Head Technical Research, Way2Wealth Brokers Pvt. Ltd.The truncated week began with a gap-up opening and we saw gradual up move during the Monday’s trade. Subsequently, Nifty opened with a decent gap; however, bulls failed to keep the momentum going on Wednesday and eventually ended inside the negative territory.
In Thursday’s session, an index made a valiant attempt to rally higher; however, the momentum fizzled out near 10600 as the Thursday’s high coincided with the daily 45-EMA.
Looking at the hourly chart, the 9-45 EMA on price is still negative which indicates that the recent rally is merely a pullback. The hourly RSI (14) is approaching towards its crucial resistance.
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