Nifty opened on a flat note but selling led the index downwards to end near the low of the day - Jainam Share Consultants
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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.
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