Nifty Outlook By Epic Research

Nifty forms a Dragonfly Doji at the lower range of consolidation indicating indecision and a possible reversal. A dragonfly Doji has a longer lower shadow with closing near to its high with a small or negligible body. The importance increases when it is seen at the extreme of consolidation or around peak or trough.

For the past few days, we have Nifty consolidating between a range of 11500 – 11700 and that is what we have seen. The derivatives data also point to 11500 – 11700 as a decisive range for short term in this expiry, for now. We believe there may be lower level buying going forward and Nifty may retreat to higher levels of 11680 -11700 again.

Further appreciation is also seen in USDINR amid huge inflows in equity markets in last few weeks from FII that is acting as positive sentiment.

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