Stock picks of the day: Nifty likely to see resistance around 12,000-12,030 levels
Episode 1313, Jun 14, 2019, 02:00 AM
Markets recovered in the last hour of trades on Thursday and closed on a flat note. The Nifty50 continues to trade within a 300-points trading range for the third consecutive week.
The index has defended the 11,800 zone and has closed above the 11,900 zone on Thursday. However, the market breadth clearly seems to be tilting towards the bears.
The Nifty has formed multiple Doji patterns near its all-time highs on the daily charts. This clearly indicates that the momentum is fading and only a handful stocks are holding the benchmarks.
Going forward, 12,000-12,030 is the crucial resistance area. While a breach past the 11850-11870 zone would drag the Nifty towards 11600-11650 levels.
The Nifty midcap 100 index which showed signs of a falling trendline breakout in the previous week has failed to do so which indicates midcaps may see some pressure in the near-term.