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 25517 with a loss of 32 points. On the daily chart
the index has formed a Bearish candle which has totally Engulfed its previous day's move forming a "Bearish Engulfing" 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 crosses and sustains above 25650 level it would witness
buying which would lead the index towards 25750-25900 levels. Important Supports for the day is around 25470 However if index sustains
below 25470 then it may witness profit booking which would take the index towards 25400-25350 levels.
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