Hi all,
Due to weak cues from global markets, Nifty had gaped down drastically in the opening trades today, thanks to the Bearish Engulf Pattern, discussed in a post of last week, Nifty bounced back from yet another Candlestick Pattern support called Rising Window..... the support area was 8180-8200......
A rising window getting closed by a strong candle, like today is surely an even to cheer for bulls, however resistances near 8400-8430 are likely prevail.
On the lower side 8180-8150 now becomes a crucial level and breaking of it can take Nifty even lower because that will be like a Lower Bottom on daily charts which is negative sign as per Dow Theory...
Cheers!!!
Due to weak cues from global markets, Nifty had gaped down drastically in the opening trades today, thanks to the Bearish Engulf Pattern, discussed in a post of last week, Nifty bounced back from yet another Candlestick Pattern support called Rising Window..... the support area was 8180-8200......
A rising window getting closed by a strong candle, like today is surely an even to cheer for bulls, however resistances near 8400-8430 are likely prevail.
On the lower side 8180-8150 now becomes a crucial level and breaking of it can take Nifty even lower because that will be like a Lower Bottom on daily charts which is negative sign as per Dow Theory...
Cheers!!!
