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Below is the Views On The Nifty closed the day on a modest gains By Nagaraj Shetti - Technical Research Analyst, HDFC securities
The Nifty closed the day on a modest gains, immediate resistance to be watched at 12,000 levels: HDFC Securities
The choppy trend continued in the market today and the Nifty closed the day on a modest gains. A high wave or a doji type candlestick pattern was formed today, which is back to back in the last two sessions. This pattern signals a weak strength in the upside bounce. Though, Nifty moved up today the market breadth was not in favor of bulls.
The short term trend of Nifty is positive with range movement. This weak upside bounce is not going to stay for long and one may expect higher levels weakness soon in the market. Immediate resistance to be watched at 12,000 levels.
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