{"id":58354,"date":"2018-01-11T12:24:54","date_gmt":"2018-01-11T12:24:54","guid":{"rendered":"http:\/\/www.bnreport.com\/tech-view-nifty-forms-small-bullish-candle-now-10660-level-holds-key\/"},"modified":"2018-01-11T12:24:55","modified_gmt":"2018-01-11T12:24:55","slug":"tech-view-nifty-forms-small-bullish-candle-now-10660-level-holds-key","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tech-view-nifty-forms-small-bullish-candle-now-10660-level-holds-key\/","title":{"rendered":"Tech View: Nifty forms small bullish candle; now 10,660 level holds key"},"content":{"rendered":"<p>    NEW DELHI: The Nifty50 hit a record high on Thursday and signed off the session above the 10,650 level for the first time ever. In the process, the index made a small bullish candle on the daily chart.   <\/p>\n<p>The index is likely to consolidate further unless it decisively breaks above the 10,660 level.   <\/p>\n<p>&quot;Any sustainable move above the 10,660 level can make the Nifty50 rally towards 10,690, 10,720 levels. On the downside, an immediate intraday support stands at around 10,630 level,&quot; said Rajesh Palviya, Head Technical &amp; Derivatives Analyst at Axis Securities.   <\/p>\n<p>At close, the Nifty50 rose 19 points, or 0.18 per cent, to 10,651. The 14-day RSI stood at the 68 level. A level above 70 signals overbought condition.   <\/p>\n<p>This was the third day when the index traded in a 50-point range between 10,620 and 10,670 levels.   <\/p>\n<p>&quot;The rangebound moves clearly suggest that the <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/market\" rel=\"noreferrer\" target=\"_blank\">market<\/a> is in need of a trigger for further upside. Unless it sees a strong intraday move beyond the 10,660 level, it is bound to remain sideways, with the risk of a sudden fall on the downside,&quot; said Mazhar Mohammad of Chartviewindia.in.   <\/p>\n<p>Mohammad said momentum oscillators on the lower time frame charts are sending out a sell signal, whereas oscillators on the medium-term time frame are in the extremely overbought zone.   <\/p>\n<p>Mustafa Nadeem, CEO at <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Epic-Research\" rel=\"noreferrer\" target=\"_blank\">Epic Research<\/a>, said the ongoing consolidation is healthy in nature, as it is bringing in smart money which makes the market move.   <\/p>\n<p>A range break with enough push will create momentum in the short term, said Nadeem.   <\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n<p><a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/tech-view-nifty-forms-small-bullish-candle-now-10660-level-holds-key\/articleshow\/62459758.cms\" rel=\"noreferrer\" target=\"_blank\">Original Article<\/a><\/p>\n<p>[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"http:\/\/www.bnreport.com\/wp-content\/uploads\/2018\/01\/60278104.cms_-120.jpg\"\/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: The Nifty50 hit a record high on Thursday and sig..<\/p>\n","protected":false},"author":1,"featured_media":58355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-58354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tech View: Nifty forms small bullish candle; 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