NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY (5,871.45) -44.85  -0.76 %

Nifty has formed a Harami pattern on Daily charts.In Japanese candlestick parlance , Harami means pregnant.See the Red inside bar within the previous Green Candlestick.Markets may stall at this juncture.But a sustained stay above 5925 , may negate the bearishness.Also Nifty has support at 5844.Strong resistance for Nifty is at 5971, if you remember previously also Nifty had been resisted at this level twice.

On the Weekly Chart, Nifty is weak because of a topping tail.Also if Nifty comes down for next 2-3 weeks, we may see a reversal Shoulder Head Shoulder pattern which can be bearish.More on weekly chart as market progresses.

NIFTY DAILY

NSEIND

NIFTY WEEKLY

NSEINDWE

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