Nifty trend for Friday and stocks in news: Datamatics, TCS and Affle

Nifty trend for Friday and stocks in news: Datamatics, TCS and Affle

Karan Dsij
/ Categories: Trending

Nifty halted its four-day winning streak on Thursday. After last Thursday's colossal fall, Nifty has been moving within the range of last Thursday’s bar. It had made an attempt to cross the 12,020 mark but it failed miserably as huge volatility was witnessed on Wednesday. This was the reason why even on the weekly expiry day, there was not much volatility to be seen as the index consolidated in a range of 116 points, which was less than its 10-day average range.

The price action formed a Doji pattern as closing was near the opening level. Further, in the above paragraph, we have mentioned that there was not much action on Thursday as the index traded within a narrow range throughout the day. This led to the formation of an inside bar as the price was capped within the high-low of Wednesday’s bar. Also, if we analyse the last six-day pattern, last Thursday’s bar is a mother bar and we have multiple inside bars within the mother range. It simply shows a longer period of consolidation, which often leads to a stronger breakout.

For day trading, important support is seen around 11,770 while resistance is placed around 12,020-12,040 levels; more or less, we expect the index to oscillate in this range.

Since Nifty is undergoing a consolidation phase, traders are advised to keep a tab on the broader markets as the latter, especially Nifty Small-Cap Index, looks attractive. Traders would have to wait for some more time to trade in the index as we can expect a trending move, only after this consolidation ends. 

 

Datamatics: Datamatics launches the world’s largest repository of Automation use cases for enterprises, customers & partners.

TCS: TCS launches Blockchain Quality Engineering Services Suite.

Affle: Affle platforms recognised as top performers in the latest edition of AppsFlyer Performance Index across multiple categories.

Previous Article Listless start on cards; opportunity knocks door of broader markets & pharma stocks!
Next Article Wipro announces collaborating with SAP to deliver SAP Enable Now
Rate this article:
4.7

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR