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Technical View: Nifty forms small bearish candle on weekly charts, needs to hold 14,425

Traders should wait for some more consolidation before initiating trade on the long side, whereas intraday shorting can be considered if the index slips below 14,400 for a modest target of 14,300, Mazhar Mohammad of Chartviewindia has said.

March 26, 2021 / 05:50 PM IST

The Nifty50 started the day on a strong note after a steep correction in the previous two sessions and closed more than a percent higher on March 26, driven by buying and short-covering across sectors.

The index formed a Doji pattern on the daily charts as the closing was near its opening levels. However, for the week, it lost 1.6 percent and formed a small bearish candle on the weekly scale as the closing was lower than opening levels.

A Doji candle indicates indecisiveness among the bulls and the bears and bounces were being sold in the absence of follow-up buying interest. Experts say the index needs to hold 14,425 to avoid bigger cuts for coming sessions.

The Nifty50 opened sharply higher at 14,506.30 amid volatility and hit an intraday high of 14,572.90 before signing off the session at 14,507.30, up 182.40 points or 1.27 percent.