Nifty forms Doji candle for second consecutive week suggesting indecisiveness among markets players as the results season is towards its end and investors are awaiting cues from the release of Gross Domestic Product (GDP) figures later this month as well as the RBI monetary policy committee (MPC) meeting due next month.
Analysts expect the markets to continue to trade range - bound and attributed the reason for uncertainty to the mixed signals from macro data.
The latest wholesale price index (WPI) was benign but the consumer price index CPI breached the RBI's comfort zone.
"Technically Nifty formed a Doji candle with long upper shadow on daily scale which indicates absence of follow up buying interest at higher zones.
It formed the Doji candle for second consecutive week, indicating indecisiveness among the market participants, " said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Khemka also said that the Nifty retested the breakdown trend line on an intra - day scale and corrected sharply, which is restricting its upside momentum, and now it has to hold above 11, 850 levels to witness an upward move towards the 11, 950 - 12, 000 zones.
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