- Nifty has taken support near mid bollinger band (yet few days left to complete the month)
- The kind of bearish candle formed during this month (with its size) it seems coming days market may be correct or range bound.
Weekly Chart: Nifty
- Nifty has formed a hammer candlestick pattern which is a kind of strong reversal pattern.
- If we take a simple Fibb. retracement than market took support at 50% level 7897
- We can see a change in polarity (Role reversal) support as this week candle low support is exact same.
Daily Chart: Nifty
- Nifty has formed a bullish candle stick with Bull sash pattern is itself a strong reversal candlestick patter
- After forming a inside bar patter (21 & 22- Nov) nifty able to break small body candle high which is a also suggesting some relief from this sharp down rally
- In coming days nifty face resistance 8180- 8260- 8340 (spot) & support lies near 7900-7800 (spot)
Disclaimer:-
This post is not the buy-sell recommendation. This is just the observations based on technical parameters. If any one trade on the view or levels the author of the blog is not responsible for the Loss incurred. The post is just educational purpose only.
