The opening burst above 15250 turning out to be a whipsaw, lending a bearish bias through the rest of the day - Geojit Financial
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Nifty Outlook:
We had pointed out a bullish exhaustion at 15250 yesterday, and hence, it was not entirely surprising to see the opening burst above 15250 turning out to be a whipsaw, lending a bearish bias through the rest of the day. But the bounce that unfolded not far from Monday’s reaction low, suggests that traders are still keen to buy on dips. This, along with a 60m morning start candlestick pattern encourages us to consider the bullish structure as well as the 15600 view intact. Alternatively, expect a drop past 15145, if upside attempts fizzle out at 15250 again, but we will maintain the downside marker at 15076.
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