With the gap up opening, Nifty registered a new all-time high of
12430 on January 20; however it turned out to be the highest point for
the day. The index witnessed complete reversal in sentiments thereon.
The bears rushed in swiftly to push Nifty not only below 12400 mark but
also below the near term support zone of 12300-12250. Thus the index has
formed a large bearish Belt Hold candle on the daily chart along with a
Popgun bar pattern. This makes the high of 12430 a key hurdle now.
Unless the level gets taken out the index can get into a consolidation
mode now.
The daily momentum indicator is showing negative
divergence, which supports this case. The Nifty has fallen towards its
20 DMA & can slide towards its daily lower Bollinger Band, which is
near 12013. On the other hand, any bounce towards 12280-12300 is likely
to attract fresh round of selling.
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