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The Nifty on the weekly chart formed a ‘Hammer’ candlestick pattern with a long lower shadow indicating buying demand emerging near the 50 percent retracement (around 10,440 levels) of the last leg of the upmove (9,952–10,929).
The index witnessed a sharp rebound from the support level and is currently consolidating near 10,600 levels. We expect the index to maintain a positive bias, amid high volatility, and extend the upmove towards 10,850 levels, which is the confluence of the 80% retracement (10,827) of the last leg of decline (10,929-10,418) and placement of the falling trend line (around 10,850 levels) drawn adjoining the January-May high.
Over the past two weeks, the index underwent a secondary phase of healthy consolidation as it cooled off from the overbought situation that developed after the 10 percent rally (9,952-10,929) seen over the last two months.
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