It was another rangebound session for the market on Friday as traders await more December quarter earnings. The Nifty50 closed lower for the second consecutive session despite positive Asian cues, dragged by select banks and auto stocks.
The index closed below 10,800 levels and formed 'Hammer' kind of pattern on the daily charts (which also resembles 'Hanging Man' pattern) and showed 'Doji' formation on the weekly scale. For the week, the Nifty gained 0.6 percent.
After the rangebound trade for last few sessions, the index is expected to show direction on either side in coming week, experts said, adding earnings could be key reason for the move.
The Nifty50 after opening marginally higher hit a day's high of 10,850.15, but in morning itself, it drifted lower to touch an intraday low of 10,739.40 followed by small recovery from day's low in late trade. The index was down 26.60 points to close at 10,795.
"Nifty50 registered a Hammer formation before signing off the last session of the week as it smartly recovered from day's low of 10,739 levels where as weekly chart registered a 'Doji' with positive close after moving in a narrow range of 137 points throughout the week," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-hammer-pattern-ends-below-10800-focus-on-stock-specific-opportunities-3380821.htmlIf you need more information about the Stock Market:
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