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Tech View: Nifty forms bearish candle, but outlook unchanged

Support is at 11,950-11,960, and unless this range is breached, outlook will stay positive.

, ETMarkets.com|
Dec 05, 2019, 05.00 PM IST
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Traders can remain neutral for the day while one can consider shorting on any close below 11,950.
NEW DELHI: Nifty50 barely managed to hold above the 12,000 mark on Thursday, as concerns over growth and RBI’s status quo on policy rate hurt investor sentiment.

The index formed a small bearish candle on the daily chart. Analysts said Nifty has support at 11,950-11,960 levels, and unless this range is breached, the outlook will remain positive.

For the day, the index closed 24.80 points, or 0.21 per cent, lower at 12,018.

Mazhar Mohammad of Chartviewindia.in said the index appears to be moving inside the 18-day-old ascending channel, drawn from the high of 12,034 hit on November 8.

“Unless the lower boundary of the said channel, whose support lies around 11,950 level, is breached, weakness in the index will not get confirmed,” he said.

Rohit Singre of LKP Securities expects the index to see upside in the coming sessions. He said the recent consolidation in the index was healthy.

“The immediate support for the index is seen at 11,950-960,” he said.

The 20-day moving average for the index stood at 11,984. “As the market is somewhat directionless, traders are advised to remain neutral for the day while one can consider shorting on any close below 11,950,” Mohammad said.

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