Nifty opened on a flat note but selling led the index downwards to end in red - Jainam
Nifty
Nifty opened on a flat note but selling led the index downwards to end in red . Nifty closed at 23329 with a loss of 85 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 breaks and sustains below 23250 level it would witness selling which would lead the index towards 23200 - 23100 levels . However, if index crosses above 23500 level it would witness pullback rally which would take the index towards 23600 - 23750
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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
