Tech View: Nifty forms Engulfing Bear candle on charts. What should traders do on Friday?
The Nifty index ended down 68 points after making consecutive higher highs, forming a short-term top reversal pattern. Analysts predict a range of consolidation between 18,800-18,500 and recommend holding above the 20-day moving average and support levels of 18,636 and 18,550. India VIX dropped slightly, causing premiums to squeeze, and options suggest a broader trading range of 18,450-18,900. The Bank Nifty is forecast to trend lower towards 43,000 and has breached its consolidation range of 44,000-44,500.
Source: indiatimes.com