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Nifty Outlook : Nifty forms Doji Cross, needs to take out 10,240-50 range

The Nifty50 consolidated in a narrow range to end a tad above the 10,200 mark on Tuesday, forming a candlestick pattern similar to the Doji Cross on the daily chart.

The index has been finding strong resistance around the 10,240-50 range and analysts believe it needs to take out this range for the Nifty50 to see any sustainable move in the short term.

There has been a tug of war between the bulls and the bears for the past four sessions. The index is facing a stiff resistance around 10,240. It needs to break the hurdle for a potential upward move towards the 10,290-10,320 range, said Rajesh Palviya, Head of Technical & Derivatives Analyst, Axis Securities.

The bullish gap area between 10,120 and 10,105 formed on October 13 is likely to act as support zone for the Nifty50 in any minor corrective action in the near term.

At close, the 50-pack index rose 22.85 points, or 0.22 per cent, to 10,207. The index had opened higher at 10 .

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