Saturday, June 13, 2020
On Friday 12th June Nifty50 tested the 9,550 level, before a smart rebound. At one point and it looked like the index would reclaim the 10,000 level, but missed it by a whisker.
The index formed a long bullish candle on the daily chart with a marginal upper wick. Analysts said the recovery following a gap-down opening was encouraging, but a 'Bearish Engulfing' candle on the weekly chart is not. Analysts see consolidation ahead.
The index closed the day at 9,972, up 70.90 points or 0.72 percent.
“The intraday recovery,” said an expert, “halted near the key hourly moving average that had earlier restricted the index from climbing above the psychological mark of 10,000.”
"The weekly chart is showing signs of weakness, as the index has formed a Bearish Outside bar near the key weekly moving averages. The recent high of 10,328 becomes a major hurdle for Nifty now. On the flip side, Friday's low of 9,544 will become short-term support," he said.
