After a stupendous rise in Nifty from 7900 to 9500, Nifty has started to show a sign of concern yet again.
However as advised earlier, this time too a bearish view can be taken if and only if Nifty breaks 9390-9350-9250.
On Weekly charts, Nifty has created a Gravestone Doji like pattern which is bearish if Nifty breaks the low of 9390 levels....
Nifty had also created a similar bearish pattern, Shooting star on the week ended 7th April, which saw a mild correction of around 1-1.5%, however Nifty took support near 9000 mark.
Bias
Short term - Up - Support (reversal) 9390-50
Next month - Up - Support (Reversal) 9270-50
Cheers
Hrishi
However as advised earlier, this time too a bearish view can be taken if and only if Nifty breaks 9390-9350-9250.
On Weekly charts, Nifty has created a Gravestone Doji like pattern which is bearish if Nifty breaks the low of 9390 levels....
Nifty had also created a similar bearish pattern, Shooting star on the week ended 7th April, which saw a mild correction of around 1-1.5%, however Nifty took support near 9000 mark.
Bias
Short term - Up - Support (reversal) 9390-50
Next month - Up - Support (Reversal) 9270-50
Cheers
Hrishi
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