Nifty outlook: HDFC Securities reveals range market expected to move in next week
Nifty continues to consolidate after making a high on Nov 25. It has formed a doji on weekly charts after a sustained rise, suggesting caution at high levels. Also a three day weekend pushed traders to reduce their open positions. An upward breach of 13146 is necessary to expect more upsides while a downward breach of 12833 could bring in more downsides and mean that a temporary top has been made on Nov 25. A better than expected India Q2 GDP number this evening could result in a good opening on Tuesday.
Nifty on the weekly chart has formed an interesting pattern like doji at the new all time high of 13145: Reuters