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The market managed to extend Friday's gains and closed higher on Monday after a roller-coaster ride. The late buying by the bulls pushed the Nifty to close above psychological 10,500 levels which resulted in a 'Dragonfly Doji' type of pattern on the daily candlestick charts on Monday which also resembles a 'Hammer' like formation.
The Nifty50, after opening higher at 10,524.20 traded rangebound for the major part of the session but gained strength in late trade to close 40 points higher at 10,512.50.
A Dragonfly Doji pattern signals indecision among traders but it also points to the fact that bulls managed to bring the index towards the opening level. The index has to clear its immediate hurdle of 10,547 for the bullish sentiment to continue.
Traders are advised to trade with a strict stop loss at 10,390 levels and look for a target of 10,770, experts said.
Monday's price behaviour is looking quite interesting as Nifty50 remained choppy and volatile for most part of the session but managed to sign off the day around its highest point which depicted a 'Dragonfly Doji' kind of formation in which open, high and close will remain same," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
Usually when Dragon Fly Doji is registered at absolute bottoms it suggests a major turning point of a trend pointing towards the balance of power between bulls and bears after a bigger correction, but in this case, as Dragonfly is visible near the 3-day old bottom benefit of doubt can be given to bulls, he said.
Hence, he feels if Nifty50 manages to clear its immediate hurdle of 10,547 in next session then it can expand its pull back move towards its 200-Day Moving Average which is placed around 10,780 levels which also coincides with the bearish gap zone of 10,754–10,843 levels registered on October 4.
He advised traders to trail their stop loss level to 10,390 levels and look for a target of 10,770.
India VIX moved up by 1.06 percent to 18.82 levels. Now VIX has to cool down below 17.50-17 zones to get the pace of buying interest in the market.
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