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Sensex and Nifty have now rallied for three consecutive trading sessions. On the charts, Nifty has formed a small negative candle with a long lower shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Technically, this indicates a formation of long-legged doji type candle pattern. Normally, a formation of Doji after a reasonable up-move and at the crucial resistances calls for downward correction from the highs,” he added. On the fundamental side, Dalal Street will eye crucial macro data (CPI & IIP), which may further provide some direction to the markets, said Ajit Mishra, VP – Research, Religare Broking.
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