However if index crosses above 19650 level it would witness pullback rally which would take the index towards 19700-19750 - Jainam Share Consultants
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Nifty
Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 19524 with a loss of 193 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move fo rmi n g a " B e a ris h E n g u lfi n g " 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 breaks and sustains below 19490 level it would witness selling which would lead the index towards 19450-19400 levels. However if index crosses above 19650 level it would witness pullback rally which would take the index towards 19700-19750.
Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
