The evening star candlestick pattern that we discussed yesterday ended up forcing a retracement of 61.8% - Geojit Financial
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Nifty Outlook:
The evening star candlestick pattern that we discussed yesterday ended up forcing a retracement of 61.8% of the gains that Nifty had so painstakingly managed to stage since last Tuesday. This would mean that Nifty is back into the 300 point trading range that has persisted for a month now. A +6% rise in VIX yesterday, hints at rising chances of a range breakout beyond 15600. This view would be in play initially on the first approach 15770-800 region, which is likely to trigger a down move. But, a direct rise above 15800 could help shrug off bearishness, and re open chances of 15925.
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