IGI Logo

Nifty

Index witnessed yet another strong recovery session as it closed the day near its previous day’s high of 19465. Thelatest‘BullishHammer’ pattern at the base of the declining channel pattern is a strong sign of reversal within the ongoing continues its correctivepriceaction within the ongoing declining ‘Channel Pattern’ formation with its bounds now placed at 19550-19230 on immediatebasis. Thoughboth its trend strength indicators are negatively placed the occurrence of a candlestick reversal pattern at the base of thechannel bringsin hope that the ongoing corrective wave seems to have terminated. Therefore, its ideal for traders to retain their hedge positionsuntilaprice breakout above 19550 is registered. For the day expect the index to retain its strength above the 19400 zone but 19550remainsastiff resistance. Bank nifty should hold itself above 43700 support while upside remains open till 44100-44200; long stoptobeplacedbelow 43440 for any buy on declines opportunity

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer