The Nifty50 is likely to open higher on Monday tracking positive handover from Wall Street. The Nifty50 closed 5 points lower at 9,886 on Friday.
The index formed a Hanging Man kind of pattern for the daily candlestick charts on Friday hinting at a formation of an intermediate top. However, if the index closes with a bullish candle, this pattern will get negated.
The Nifty50 closed below its crucial support level of 9,900 and now a decisive close above this levels is likely to build momentum for bulls whereas a break below 9,850-9,823 could fuel bearish sentiment
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