Tech view: No clarity on D-Street! Nifty forms Doji pattern on charts

The Nifty50 ended a listless session on a muted note with a negative bias on Friday, forming a Doji kind of pattern on the daily candlestick charts, which suggests lack of clarity. There could be further consolidation before the index makes a decisive move.A Doji is formed when the index opens and closes approximately around the same level, but remains volatile throughout the day, which is indicated by its long shadow on either side. It appears like a cross or a plus sign.    Stock Market Trading Tips
 
The Nifty50 opened at 7,891.80 and closed virtually at the same level at 7,899.30, thus forming a Doji pattern. It rose to an intraday high of 7,923.35, forming an upper shadow, and fell to an intraday low of 7,873.35, forming a long lower shadow.  Financial Astrology

A Doji is a neutral chart pattern and, hence, should not be studied in isolation. Traders should take a call depending on how the index behaves in the next few sessions. A narrow trading range resulted in a short candle body, which suggests consolidation ahead of the expiry week.     Himanshu Tiwari Astrologer Blog
"A listless trading session on Friday resulted in a Doji formation on the daily charts as themarket closed slightly higher than where it opened. Interestingly, the narrow range of trading in last four sessions resulted in a Doji formation on the weekly charts," Mazhar Mohammad, Chief Strategist - Technical Research & Trading Advisory, Chartviewindia.in told ETMarkets.com.   Personal Numerology

The Nifty50 ended the week on a muted note. The index rose 0.6 per cent in a truncated week while BSE Sensex closed 0.8 per cent higher.With this Doji formation and lacklustre trading, bearish sentiment is getting strengthened as it has triggered a sell signal on two of the most successful momentum oscillators, experts said.   Sensex Astrology