Nifty formed a bullish engulfing candlestick pattern on the daily chart that may lead to a pullback towards the 16400 level - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
The overall structure of the market is weak however we are seeing some signs of short terms reversal. Nifty formed a bullish engulfing candlestick pattern on the daily chart that may lead to a pullback towards the 16400 level. On the downside, 15800 will act as immediate support while 15500 is a critical support level
Bank nifty (Spot):
Banknifty is also showing some signs of relief with a bullish piercing candlestick formation where 34000 will be an immediate hurdle while 35000-35500 is the next critical resistance zone. On the downside, 32500-32000 is an immediate demand zone while 31000 is the next major support.
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