Tech View: Nifty forms shooting star on weekly chart. What should traders do on Monday

The Nifty suffered a 1% loss in Friday’s trading session, forming a bearish candle with a long upper shadow. The weekly chart also showed a shooting star pattern, which implies bearishness. To witness a bounce, the Nifty needs to cross and maintain above the 18081 region. Supports for it lie in the 18018 and 17887 marks. India VIX was up by 4.82% at 12.29 levels, while options data suggests a broader trading range between 17700 to 18500 zones. Traders and analysts are waiting for the Nifty’s next base formation.

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