Nifty opened on a flat note but selling led the index downwards to end in red - Jainam Share Consultants
Nifty
Nifty opened on a flat note but selling led the index downwards to end in red. Nifty closed at 25062 with a loss of 158 points. Onthedailychartthe index has formed a Bearish candle which has totally Engulfed its previous day's move forming a "Bearish Engulfing" candlestickformationwhich is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's lowit wouldwitness a change of trend to the downside. The chart pattern suggests that if Nifty crosses and sustains above 25150 level it wouldwitnessbuying which would lead the index towards 25250-25300 levels. Important Supports for the day is around 25000 However if indexsustainsbelow 25000 then it may witness profit booking which would take the index towards 24880-24800 levels.
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