Nifty opened on a flat note and witnessed sideways movement in initial hour - Jainam Share Consultants
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Nifty
Nifty opened on a flat note and witnessed sideways movement in initial hour. However buying momentum pulled index higher to end on a strong note. Nifty closed at 17094 with a gain of 276 points. On the daily chart the index has formed a Bullish candle which has totally Engulfed its previous day's move forming a "Bullish Engulfing" candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty crosses and sustains above 17200 level it would witness buying which would lead the index towards 17300-17400 levels. However if index breaks below 16747 level it would witness selling which would take the index towards 16700- 16600.
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