Hi All,
Thanks to the Last Engulf Pattern on daily
charts and Morning star pattern on hourly charts, Nifty has already bounced
back by almost 3-3.5%.
It’s now trading near its resistance zone
of 7470-7500, above which Nifty can go up till 7550-7610...
Finally, there is good news for the bulls
that on Weekly charts Nifty has created a Hammer Pattern, and prices have
already went higher than last week’s highest price which is a good sign.
However, playing safe, it is advisable to wait for a cross of 7610 mark before calling it a confirm short term bottom. Above 7610 mark Nifty can then scale new highs of 7700+ and after closing above 7730 (a gap on daily charts) one can even call for a medium term bottom for Nifty as well.
In a nutshell, Nifty currently trading near crucial zone 7470-7500, and after surpassing that bulls should pray for a successful breach of 7610 level.
Supports on the lower side are 7440-7390-7320-7370-7340...
Cheers
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