Hot Stocks: Nifty50 might have made a short term top near 12,000 levels

Episode 1893,   Nov 13, 2019, 03:38 PM

Indian benchmark index stalled near to 12,000 levels as profit booking intensified at higher levels. The Nifty50 has created an ‘Evening Star’ kind of candlestick pattern on Friday on the weekly charts which is a bearish pattern.

Trend line from lows of September and October has been breached as the Nifty closed below the said trendline. On the downside, the level of 11,740 will act as a major support zone and on the higher side 12,000-12,040 may work as resistance.

The Nifty50 just closed at 20-Days weighted moving average which is currently placed at 11,838. There are multiple confirmations that the Nifty might have formed a very short-term top just above 12000, and support are seen near 11,740.