Hot Stocks | Wait continues for record highs; pharma on the path of revival

The market was a bit joyful at the opening of the week gone by and in-line with this, Nifty continued its march beyond 12,000 during the mid-week.

However, once again, the benchmark index looked a bit tentative at higher levels and in last couple of days, this tentativeness resulted into a decline towards the 11,900 mark.

Eventually, for the third consecutive week, Nifty ended on a flat note with nominal gains of nearly two tenths of percent to the previous weekly close.

Due to recent price action, the weekly chart now depicts three back to back ‘Doji’ candles. This indicates some indecision at a crucial juncture but we don’t interpret it as a sign of caution. It seems that the market is now awaiting some trigger to clock fresh record highs.

Meanwhile, the range is confined to merely 200 points on weekly basis. Only a decisive breakout outside this range would trigger some momentum in the market.

In our sense, 11880 – 11800 would be seen as immediate base and it’s a matter of time, we would break through this sturdy wall of 12050 – 12100 to enter an uncharted territory.