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As Nifty ended its six-day winning streak on Wednesday, it formed a small bodied candle on the daily chart. Nagaraj Shetti of HDFC Securities said the short-term uptrend status remains intact, still there is no evidence of reversal pattern at the highs.

The Indian market witnessed profit-booking on August 12 as the Nifty snapped its six-day winning streak while the Sensex closed with minor losses after four days of gains. Investors booked profits in light of weak global cues as doubts grew about whether or not the US lawmakers would reach an agreement on the coronavirus fiscal package to support its struggling economy.

It was another lacklustre day for the Nifty50 which ended the session moderately lower on August 12, forming an indecisive small-bodied candle on daily charts again. The index remained lower for most of the session amid uncertainty over US stimulus measures and US-China tensions.

As Nifty closed above the 11,300 level on Tuesday, it formed a Doji pattern on the daily chart for the second consecutive session. Analysts said this suggested tiredness among the bulls and it could be a hint that profit booking is around the corner.

The Indian market continued to trade in the positive territory on August 11, with the Nifty logging gains for the sixth consecutive session and Sensex rising for the fourth session on the trot. Positive global cues influenced sentiment as hopes of stimulus from the US, improving economic data points from China and the reports of the first coronavirus vaccine in Russia underpinned the mood of the market.

The bulls failed to keep the momentum going on D-Street as the Nifty50 closed below 11,300 on August 10. A tug of war between the bulls and the bears continued, which suggests that strong resistance is placed at 11,300-11,350. The Nifty50 ended at 11,270, gaining 56 points, while the S&P BSE Sensex rose 141 points to 38,182.

Indian stock markets ended higher today amid upbeat pharma earnings reports and a rally in defence stocks. The blue-chip NSE Nifty 50 index, which climbed 1.1% during the session, closed 0.5% higher at 11,270, while the S&P BSE Sensex ended up 0.37% at 38,182.08.

Friday was a day of consolidation for the market, as Nifty moved in a defined range before ending the session with minor gains. After a modestly negative opening, the index recovered to trade flat. Even though the index moved in the positive territory for brief periods, it spent most of the session in the negative zone. In the last hour of trade, it again moved into the positive territory and ended with a minor gain of 13.90 points, or 0.12 per cent.

Nifty on Friday formed a small bullish candle. but an Inside Bar, as it traded inside the trading range of the last session and ended a volatile session marginally higher. Nagaraj Shetti of HDFC Securities said Nifty’s short-term trend looked positive amidst a rangebound movement. A sustainable move above 11,250 level could pull the index towards the 11,350-11,400 zone next week.

The market remained volatile in the week gone by with Nifty rebounding sharply after taking support near its long-term 200-DMA which is placed at 10,850 levels on the daily chart. For the past week, benchmark indices - Sensex and Nifty - rallied over 1 percent each. The S&P BSE Smallcap index rallied nearly 5 percent while the S&P BSE Midcap index closed with gains of over 3 percent.

Nifty50 on Friday faced selling pressure near its key resistance zone at 11,240-250, but continued to consolidate above the 11,200 level. The NSE barometer formed a small bullish candle on the daily chart and a pattern resembling a Hanging Man candle on the weekly scale.

Sustainable positive cash flows become extremely important. The “beginner luck” has played off well with Robinhood investors but a successful long term investor needs more than just luck, Ambareesh Baliga, independent market expert, said in an interview with Moneycontrol’s Kshitij Anand.

Nifty ended with gains for the third consecutive session on Thursday, but formed a 'Doji' candle on the daily chart, suggesting indecisiveness among traders. Chandan Taparia of Motilal Oswal Securities said the index needs to hold above 11,100 level to witness an upmove towards the recent swing high at 11,333-11,350 levels.

Headline indices -- Sensex and Nifty -- ended with healthy gains on August 6 as the measures announced by Reserve Bank of India (RBI) boosted sentiment. The central bank announced measures including one-time restructuring of the loans to support non-banking financial companies (NBFCs), housing finance companies (HFCs) and the corporate debt market and relaxed norms on the loan-to-value (LTV) ratio for gold loans.

Nifty50 on Wednesday could not stage follow-up buying after Tuesday’s gains, and ended flat. Selling pressure emerged as the index entered the resistance area in the 11,200-240 zone. Analysts said a decisive close above this range is a must for the index to resume the uptrend. A fall below the 11,900-850 range could trigger a steep fall, they said.