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The Nifty, after opening gap down traded in a large range of around 90 points throughout the Friday session, before and closing flat with a positive bias. The consolidation for last three consecutive sessions last week indicated that traders had turned cautious after a sharp run and ahead of Q1 GDP data due later that day.
The index made small bullish candle and formed 'Long Legged Doji' pattern on the daily charts. On the weekly charts, it formed 'Shooting Star' kind of pattern.
A typical long-legged Doji pattern is formed when the opening price is almost equal to the closing price but there was a lot of intraday movement on either side. A 'Shooting Star' pattern is formed when the index comes under selling pressure as traders start booking profits at higher levels.
This pattern is usually formed in an uptrend and is treated as a reversal pattern, but it would require confirmation before it can be concluded that the trend could reverse in the near future.
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