{"id":98732,"date":"2018-11-09T14:15:54","date_gmt":"2018-11-09T14:15:54","guid":{"rendered":"https:\/\/www.bnreport.com\/tech-view-hammer-candle-on-nifty-charts-signals-buying-at-lower-level\/"},"modified":"2018-11-09T14:15:54","modified_gmt":"2018-11-09T14:15:54","slug":"tech-view-hammer-candle-on-nifty-charts-signals-buying-at-lower-level","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tech-view-hammer-candle-on-nifty-charts-signals-buying-at-lower-level\/","title":{"rendered":"Tech view: Hammer candle on Nifty charts signals buying at lower level"},"content":{"rendered":"

NEW DELHI: The Nifty50<\/a> traded in a narrow range on Friday and could not take out the 10,600 level by the days close. The index formed a Hammer candle<\/a> on the daily chart, suggesting buying at lower level. <\/p>\n

Follow-up action was missing on either side, as the index consolidated in the 10,450-10,650 range for the entire week, said Chandan Taparia<\/a> of Motilal Oswal Securities. <\/p>\n

\u201cThe index needs to hold above 10,500 level to extend its upmove towards the 10,650 -10,750 range. Multiple supports are seen around 10,450 and 10,380 levels," Taparia said. <\/p>\n

For the day, Nifty fell 13.20 points, or 0.12 per cent, to 10,585. <\/p>\n

The index has formed a small positive candle on the weekly scale after a sharp upmove in the previous week, signalling a breather-type pattern. Normally, a breather pattern signals a temporary halt to the upside momentum, but is considered a continuation pattern of an uptrend, said Nagaraj Shetti<\/a>, Technical Research Analyst at HDFC Securities. <\/p>\n

"Hence, Niftys near-term trend is range-bound and eventually, this action could result in an upside breakout in the coming weeks,\u201d Shetti said. <\/p>\n

Mazhar Mohammad<\/a> of Chartviewindia.in advised traders to avoid long side bets unless Nifty registers a breakout on the upside with a strong close above 10,620 level. <\/p>\n

"Essentially, as it is looking like a directionless market, traders should focus on stock-specific opportunities in both directions for time being till the index registers a breakout on either side,\u201d he said. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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