Index Forms Long Bearish Candle, Signals Negative Bias - Jainam Share Consultants
Nifty
Nifty opened on a positive note but selling pressure throughout the session dragged it lower to close in negative territory. Nifty closedat 23487with a loss of 182 points. On the daily chart the index has formed a long Bearish candle forming lower High-Low compare to previoussessionindicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below 23450 level it would witness selling whichwouldleadthe index towards 23400-23300 levels. However, if index crosses above 23600 level it would witness pullback rally which wouldtaketheindextowards 23750-23850.
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