2894: Hot Stocks | Here's why RPG Life Sciences and Quick Heal are short-term buys
Nifty doesn't have enough strength to go pass the sturdy wall of 11,650-11,700 soon.
It must either go through some time-wise or price-wise correction before heading towards the 12,000-mark.
We observed a 'Bearish Wolfe’ pattern on the hourly chart at the end of last Wednesday's session. The said pattern proved its worth as we witnessed some hiccups towards the later part of the last week.
Since, the overall undertone is strongly bullish, as of now, there are no signs of complete sell-off rather it can be interpreted as small profit-taking.
For this week, 11,600-11,650-11,700 remains to be a cluster of resistance, whereas, on the lower side, 11,450-11,380 are crucial support.
A breach below these points would result in an extended correction in our market.
In the last three weeks, we had a couple of reality checks which may be seen in the moves, going forward.
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