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The Nifty 50 opened above the 11,400-level for the first time and maintained positive momentum throughout the session on August 6. However, it failed to hold on to opening levels, forming a small bearish candle in intraday trade, resembling a Spinning Top kind of a pattern on daily charts.
The index closed higher, but closing value was lower than opening, which indicated that traders preferred to book profits at higher levels. It has to hold 11,400 levels on closing basis, only then strong momentum would be possible, experts said.
The Nifty index opened the gap up and made a new life time high of 11,428 by surpassing recent high of 11,390 levels. However, it failed to hold half of the gains and witnessed some profit booking to decline from higher levels.
The Spinning Top is often regarded as a neutral pattern which suggests indecisiveness on the part of both bulls as well as bears. It can be formed in an uptrend and a downtrend.
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