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Nifty likely to see technical pullback, has to cross 11,840-880 to sustain it

Fridays session on Dalal Street ended on the expected lines,..

Fridays session on Dalal Street ended on the expected lines, as the market re-entered the corrective mode and returned bulk of the previous days gain.

The market witnessed a negative start to trade. Nifty started the day in the negative territory and traded sideways for most of the session. In the last hour and-a-half, the session got weaker and went on to end the day with a net loss of 107.65 points or 0.91 per cent.

The previous session confirmed the existence of a short-term falling channel, which was created by joining the 12,100 level with the subsequent lower tops. Given the falling nature of this channel, the 11,840-11,880 zone has become a significant resistance for the short term.

On the downside, the 50-DMA at 11,687 will be a crucial level to watch, as any breach of this mark will bring in some more weakness to the market.

On Monday, the 11,770 and 11,830 levels are likely to act as next resistance points. Support should come in at 11,669 and 11,610.

The Relative Strength Index (RSI) on the daily chart stands at 41.0119; and it remains neutral, showing no divergence from the price. On visual inspection, the RSI appears trapped in a range with the formation of lower tops. The daily MACD is bearish, and it trades below the signal line. No significant structures have appeared on the candles.

Pattern analysis on the daily charts shows the formation of a small channel, as a trend line can be drawn from 12,100, which joins the subsequent lower tops. Given its falling nature, each upward move in the form of a technical pullback will face resistance in 11,840-11,880 zone from here on.

Going into Mondays trade, we may see some intermittent technical pullbacks. HoRead More – Source

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