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Technical View | Nifty forms bearish candle on weekly charts

If the index breaches 18,300, it can slide to 18,100-18,000 but if the level is held, the Nifty can move towards 18,450-18,500, experts said

November 18, 2022 / 05:20 PM IST

The Nifty ended with moderate losses on November 18 to close 36 points down at 18,308, continuing the downtrend for the second day.

After the initial uptick, the Nifty traded lower for the rest of the session and formed a bearish candle on the daily charts though it managed to hold the crucial 18,300 level. The break of the level can drag the index to 18,100-18,000 but if it is held, the Nifty can move to 18,450-18,500.

On the weekly timeframe, too, the index formed a bearish candle that resembled the Spinning Top formation, which indicates indecisiveness among bulls and bears but sometimes can give a reversal sign.

The index lost 0.2 percent during the week after rising 6.7 percent for the previous four weeks.