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Below is the Views On technical note by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC securities
Nifty slipped into minor weakness, we observe a formation of negative candle with lower shadow on weekly chart : HDFC securities
The Nifty slipped into minor weakness on Friday, as an attempt to show upside breakout of the key overhead resistance at 11650 was fizzled out. A negative candle was formed on Friday on the daily chart with long upper shadow. This pattern indicates a lack of strength in the market to sustain above the hurdle of around 11625-650 levels (resistance as per the concept of change in polarity).
We observe a formation of long negative candle with minor lower shadow on the weekly chart. The opening downside gap of last week is intact and the last two weekly candle patterns signals a lower top reversal as per weekly timeframe chart.
The short term trend of Nifty is weak, The crucial overhead resistance of 11,625-650 levels is unlikely to be broken decisively on the upside during this week. Next lower levels to be watched around 11,425 in the next few sessions.
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