The intermediate hurdle on the upside is placed at 11,400 – 11,450 levels. Traders are advised to adopt a mean reversion technique for the index and watch out for opportunities in individual stocks.
The Nifty50 index recently retested its 200-day simple moving average (SMA) and is currently hovering above the same. On the weekly chart, the index formed a ‘Doji’ candlestick pattern formed near the 11,700 mark.
This is a sign of caution for the medium term since the index has started trading below 11,416 which is the low of Doji formation.
Going ahead, if we close the week below 11,41, it would be a confirmation for a ‘Sell on Rise’ strategy. Till the time, 11,700 is not taken out on the upside.
FOR MORE INFORMATION: HNI_STOCK_FUTURE
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