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The Nifty snapped its four-day winning streak and closed Friday's sideways session on a weak note, forming an indecisive Doji pattern on the daily candlestick charts. On the weekly scale, the index formed a bullish candle.
A Doji is formed when the index opens and then closes around the same level, but remains volatile throughout the day. This is indicated by its long shadow on either side, which appears like as a cross or a plus sign.
The index after opening lower at 11,566.60 managed to clawback to hit a high of 11,604.60. It wiped out its gains in the first hour of trade itself to hit a low of 11,532. It remained rangebound for rest of Friday and closed 25.70 points lower at 11,557.10. For the week, the Nifty rallied 0.75 percent."The Nifty registered a Doji kind of indecisive formation. Enough sell signals emerged on lower time frame charts after Friday’s price action, suggesting that the index may be on the verge of a short term trend reversal," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, said.
He sees selling getting accelerated if the Nifty breaches its 39-day old ascending channel.
"Support for the index is placed around 11,532. A decisive break down below the said channel will see it falling to 11,350 levels."
According to Mohammad, a close below 11,498 on Monday would confirm a short term downtrend. "The heightened selling pressure should eventually lead to a test of 11,340 levels. A close above 11,620 should see the index heading to 11,700 levels."
He advises traders to book profits and remain on the sidelines till further signs of strength are seen in the market.
India VIX fell 3.35 percent to 12.33 levels. Lower volatility suggests that bulls could support the market on a decline.
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