Nifty opened with an upward gap and remained in positive terrain throughout the day - Jainam
Nifty
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 23996 with a gain of 229 points. On the daily chart the index has formed a Bullish candle which has totally Engulfed its previous day's move forming a Morning Star candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty breaks and sustains below 23890 level it would witness selling which would lead the index towards 23800-23700 levels. However, if index crosses above 24015 level it would witness pullback rally which would take the index towards 24100- 24150.
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