Tech view: Nifty forms bearish candle, likely to consolidate with positive bias

NEW DELHI: Nifty faced stiff resistance at higher levels on Thursday and eventually settled below the psychologically important 11,000 mark. In the process, the index formed a bearish candle on the daily chart.

The index also formed a probable inverse Head & Shoulder pattern, whose neckline stood at 11,150 level, said Manav Chopra of Indiabulls Venture.

“Nifty has been witnessing consolidation since past few sessions, but market breadth remains positive. It should head higher going forward. There will be supports around 10,850 and 10,800 level, which is likely to act as a cushion on the lower side in case of any decline,” the expert said.