Nifty poised for short consolidation

TECHNICAL ANALYSIS

- VK SHARMA

THENIFTY IS likely to witness some consolidation in the coming days as traders continue taking some money off the table. The benchmark shed 73 points, or 0.28%, for the week to close at 25,722 — marking its first weekly loss after a string of four back-to-back weekly gains.

The Nifty had rallied 1,517 points from the low of 24,587 seen on September 30 to 26,104 registered on October 23. It now stands 382 points below its recent swing high.