Technical View: Nifty forms Doji pattern on weekly chart; 12,157 crucial for further upside
"Few sessions of consolidation cannot be ruled out going into the new year," said Amit Shah, Technical Research Analyst with Indiabulls Ventures.
December 27, 2019 / 05:34 PM IST
After ending in the red in the last three sessions, Nifty made a strong comeback on December 27 on the back of a strong performance by PSB stocks.
Nifty posted a Doji kind of formation on the weekly charts.
"It can be too early to say that short-term bottom is in place at last Thursday's low of 12,118. The outlook for next couple of sessions shall remain positive as long as Nifty sustains above 12,157," said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.
Bank Nifty too witnessed sharp pullback with the index closing 1.3 percent higher at 32,412.30 and forming bullish candle on daily charts.
"In the near term, 32,500 remains the hurdle on the way up and once this resistance is crossed, on the upside our near term target of 33,000 is achievable. The support zone of 31,900 has held and the index has bounced back from the support region. Few sessions of consolidation cannot be ruled out going into the new year," said Amit Shah, Technical Research Analyst with Indiabulls Ventures.