Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The choppy movement continued in the market on Friday and Nifty closed the day slightly lower by 07 points. After opening on a positive note, the market was not able to sustain the opening gains and shifted into a gradual weakness with range-bound action. The narrow range movement with weak bias continued for the mid to later part of the session and Nifty closed near the lows.
A small negative candle was formed on the daily chart with minor upper and lower shadows. This market action reflects sideways range movement for the Nifty, which is unfolding over the last 5-6 sessions. This is signaling that the market is waiting for the triggers to break beyond the range of 19875-19650 levels.
The near-term uptrend status of Nifty remains intact. The cues of recent assembly elections (exit poll predictions on 30th Nov and election result on 3rd Dec) are expected to be a trend decider for the market ahead. The upcoming above-said event is likely to trigger sharp movement on either side of the range. A sustainable up move above 19900 could pull Nifty towards all-time highs and a decisive move below 19600 is likely to open a near-term downward correction for the market.
