Nifty opened on a flat note but selling led the index downwards to end near the low of the day - Jainam Share Consultants
NIFTY
Nifty opened on a flat note but selling led the index downwards to end near the low of the day. Nifty closed at 25892 with a loss of 121points.On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move forming a "BearishEngulfing"candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaksbelowprevious day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty crosses and sustains above26050level it would witness buying which would lead the index towards 26100-26150 levels. Important Supports for the day is around 25850Howeverif index sustains below 25850 then it may witness profit booking which would take the index towards 25800-25700 levels.
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