Nifty Forms ‘Spinning Top’, Shows Market Lacks Clarity
timesinternet.in ETMarkets.com: The Nifty50, which reclaimed its crucial psychological level of 7950, closed flat in the negative territory on Thursday, forming a ‘Spinning Top’ kind of pattern on the daily candlestick charts.
The Nifty50 index ended its winning streak after positive close for six consecutive sessions. It saw a negative closing and formed a ‘Spinning Top’ candle on the daily chart, which is a neutral pattern that reflects indecisiveness on the part of the traders.
In a ‘Spinning Top’ formation, the candle has both long as well as lower shadows, but the body is small, which indicates that both the bulls and the bears remain active through the session, but the index ends flat.
IN THE GRIP OF BEARS