Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said Friday’s daily candle indicates the formation of a High Wave-type candle pattern. Having formed this pattern within a narrow range movement, the predictability of this pattern could be less, he said. “However, High Wave displays high volatility in the market,” Shetti said.
A sustainable move above 19770 levels could bring bulls back into action. A slide below 19500 is expected to resume sharp selling momentum, said Nagaraj