The market closed with third of a percent gains on May 10, though we have seen some volatility during the day, as there was caution ahead of US inflation data which was in line with estimates at 4.9 percent for April.
The BSE Sensex rose 179 points to 61,940, while the Nifty50 closed above 18,300 levels for the first time in the current calendar year, climbing 49 points to 18,315 and forming a Dragonfly Doji kind of pattern on the daily scale, indicating tug of war between bulls and bears.
"Normally, the formation of such Doji pattern at the highs post reasonable upside calls for caution for bulls at the hurdles. But, having formed this pattern within a range movement, the predictive value of this pattern could be less," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Though the Nifty placed at the strong overhead resistance of 18,250-18,300 levels, there is no indication of any reversal pattern unfolding at the highs, he feels.
Hence, "any weakness from here could find support around 18,200-18,000 band. A decisive move above 18,300-18,400 levels could open the next upside target of around 18,600-18,700 levels in the near term," he said.
The broader markets closed flat with a positive bias, while the India VIX, which measures the expected volatility in the next thirty days for Nifty50, rose by 3.19 percent to 13.08 levels.
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