NEW DELHI: The Nifty50 hit a fresh record high on Friday and ended the session, forming a small bullish candle on the daily chart. A value above 70 for the index suggests it is in an overbought situation. The level, though, does not always indicate an impending selloff. "The pattern on the weekly charts is not that impressive, as it is looking like a Hanging Man, with a long lower shadow, which at times results in either a pause or correction. It looks imperative for the bulls to sustain above the 10,566 level.

Source: Economic Times January 05, 2018 11:48 UTC