IGI Logo

Nifty

Nifty opened on a flat note but selling led the index downwards to end near the low of the day. Nifty closed at 16984 with a loss of 257 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move forming a "Bearish  Engulfing " candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty crosses and sustains above 17265 level it would witness buying which would lead the index towards 17330-17430 levels. However if index breaks below 16950 level it would witness selling which would take the index towards 16850-16770.

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