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Markets To See Further Upside; 13500 Level To Watched Out For Next Week: HDFC Sec.
After indices took the RBI's decision in good spirits, Nifty and Sensex closed at yet new record highs of 13250 and 45000 levels. For the week Nifty ended higher by 2.23 percent and it was the fifth consecutive week of gains. Also, what was seen was that the volumes on the NSE were more than recent average.
This came in as even global Asian indices edged to a record high on US stimulus dole out hopes.
Now markets next week shall be mixed in the sense that while in early part of the week to December 11, 2020, there shall be seen an upside, towards the end there could be some downward pull as well. On Friday, a long positive candle was established that closed near the new all time high of 13280 levels.pattern of bearish engulfing (25th Nov) and closed higher.
This is a positive sign and the negation means more upside for the market in the near term.
The short term trend of Nifty is positive and the pickup of upside momentum in the later part and the negation of bearish pattern of daily (bearish engulfing) and weekly (doji) timeframe chart is expected to result in further strengthening of upmove in the near term. For the next week, the upside level to be watched out for is 13500 with immediate support at 13150.
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