Technical View | Consolidation likely for Nifty but momentum remains strong

The Nifty50 remained under pressure throughout the session and snapped an eight-day winning streak on December 2 as the bulls gave up their control. Profit booking as well as weak global cues weighed on sentiment on the last of the week. The index has formed a bearish candle on the daily charts as the closing was lower than the opening levels, but it held the median of the previous green candle (November 30) as well as took support at the 18,600 level on December 2. Hence, after the recent run-up, consolidation can be seen in coming sessions but overall the momentum remains strong that can take the Nifty50 towards 19,000 in short term, with crucial support at 18,300, experts said. Read here

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