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Rajesh Palviya, Head-Technical & Derivative Research, Axis Securities, advises investors not to average stocks which are hitting fresh 52-week lows. “Looking at the macro picture, we feel there would be more downside in the short term in these stocks.”
On the weekly chart, the index has formed a Doji candlestick formation, indicating indecisiveness among market participants regarding the market’s direction. Since the past seven weeks, the index has been consolidating within the 10,500-10,820 range, which represents a short to medium term sideways trend.
Any decisive breakout on either side will provide direction to the market. The chart pattern suggests that if the Nifty crosses and sustains above 10,770 levels, then buying interest would lead it towards 10,820-10,900 levels. However, if the index breaks below 10,640 levels, then it would witness selling which could take it towards 10,500-10,550 levels.
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