Hi all,
SGX Nifty changed its course and fell more sharply, so Nifty opened gapped down by almost 80+ points and broke the 7500 levels marginally and did not respond to the Harami Pattern at all on daily charts.
On hourly charts Nifty has created a hammer pattern though the same may not be able to change but could give us some upside relief.
As mentioned earlier, a convincing move / a close below 7539-7500 will take Nifty to 7400-7100 levels, now it will be interesting to see if Hammer helps Nifty to come out of the panic or not.
However, it’s not advisable now to stay on Long side until concrete confirmation comes by bulls.
Cheers
Hrishi
SGX Nifty changed its course and fell more sharply, so Nifty opened gapped down by almost 80+ points and broke the 7500 levels marginally and did not respond to the Harami Pattern at all on daily charts.
On hourly charts Nifty has created a hammer pattern though the same may not be able to change but could give us some upside relief.
As mentioned earlier, a convincing move / a close below 7539-7500 will take Nifty to 7400-7100 levels, now it will be interesting to see if Hammer helps Nifty to come out of the panic or not.
However, it’s not advisable now to stay on Long side until concrete confirmation comes by bulls.
Cheers
Hrishi
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