Yet another ‘Doji’ formation on the daily scale despite the initial strength reaffirms the neutral to negative outlook to persist - Tradebulls Securities
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/05/3ca4a987285f8d58fe2ec0cd7f7fcc5d.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Yet another ‘Doji’ formation on the daily scale despite the initial strength reaffirms the neutral to negative outlook to persist.‘SpinningTops’ & ‘Dojis’ are signs of indecisiveness & either side range break of these formations usually result into amplified moves. Daily&weekly RSI both are yet to hit their respective oversold zone while daily ADX has registered a fresh break above its 25 zone; signofamplified weakness in the offing. The move so far from 18114 has been in accordance of the expected wave characteristics &hencetheimpending decline within 16000-15860 could be considered as a final leg of the bear grip move. The index breached belowthe78.6%retracement zone of its prior impulse its likely to witness a swing towards the likely monthly support zone of 16000-15860soon. Asbothtrend strength indicators warrant further downside on positional basis with the breakdown in place it’s ideal to retain short positionsuntil an oversold situation is not witnessed or a firm reversal formation occurs on its weekly scale. Immediate resistance for theweeknow stands at 16480 which should be considered as trail stop for fresh shorts
Nifty Chart
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.tradebulls.in/Static/Disclaimer.aspx
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Top News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/02/128207e8d77274191a44758b5c94dd7c.jpg)
Climate at the top of energy agenda
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/cc796169e4f7c012914c95f4a8efe430.jpg)
Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing w...
![Weekly market outlook : The market is eagerly awaiting data on inflation and industrial production to provide further guidance Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/5f1fa5f12be5ac87ff9258ea3909f0f8.jpg)
![Market Quote : Benchmark Indices ended the week today just a few percentage away from record highs Says S Ranganathan, LKP securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/f33c3d1dad571464e55a94475ae32892.jpg)
![Daily Market Commentary : Nifty closed higher for the sixth straight day with gains of 93 points (+0.5%) at 19820 levels Says Mr. Siddhartha Khemka, Motilal Oswal](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/009b2b15289ce4f7e143526434c946d5.jpg)