Nifty Forms ‘Doji Candle’ In Friday’s Trade

Nifty closed marginally higher by 10 points at around 9588 level, after a choppy session on the last trading session of this week. The Sensex closed lower by around 19 points at 31056 level.

IT and Pharma stocks were the biggest contributor to the losses of major indices. As per market observers, Nifty closed making ‘Doji’ and a pattern similar to an ‘Inside Bar’ on the daily candlestick charts on Friday.

Doji candlesticks look like a cross, inverted cross or plus sign. A doji candlestick occurs when the opening and closing price are almost same. Many traders in the market believe that the candlestick pattern is one of the best ones to trade.

9591 level of Nifty may be the important pivot level to watch out for on Monday. The important resistance levels may be placed at 9618 and 9641 while important support levels may be placed at 9567 and 9541 for Monday’s trading session.

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About Suhani Varma

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