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The Nifty ended Friday 0.09 percent higher at 10,817.70. It opened on a flat note, hit a high 10,834 and a low 10,756. It recovered towards the close of trade, which led to the formation of a Spinning Top candle. This candle pattern implies that nervousness is likely to persist in the first half of the week.
On the weekly chart, the Nifty ended 0.46 percent higher. It touched a high of 10,893 and ended off its weekly high before finishing off with an inverted Hammer candle. This implies that selling pressure is on a rise around its critical resistance. Hence, staying cautious on a rise is advised.
10,850 and 10,880 will continue to act as major resistances. Candle patterns along with position of leading indicators suggests the Nifty may again retest its downside critical supports placed around 10,740, 10,700 and 10,670 levels. However, the broader pattern suggests the primary uptrend is still well intact and a retracement towards critical supports is likely to be bought in for the next leg of upmove.
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