Nifty | Volatility may rise
Nifty remained range bound during the week.
In the weekly chart a subdued price action
backed by decent volume suggest long
unwinding. As per Japanese candlestick
studies a hanging man pattern is formed in
the weekly chart. The pattern is a bearish
reversal pattern and it will get confirmed if
next candle is bearish. The current trend is
bullish and it may be early to call it reversal;
however one needs to cautious at this
juncture. On the lower end 8480 may act as
support; upon sustaining below which price
may fall towards 8435/8345/8260. On the
other hand if price sustains trades above 8578
the hanging man pattern will be nullified and
price will move higher towards 8660‐8700.
Nifty remained range bound during the week.
In the weekly chart a subdued price action
backed by decent volume suggest long
unwinding. As per Japanese candlestick
studies a hanging man pattern is formed in
the weekly chart. The pattern is a bearish
reversal pattern and it will get confirmed if
next candle is bearish. The current trend is
bullish and it may be early to call it reversal;
however one needs to cautious at this
juncture. On the lower end 8480 may act as
support; upon sustaining below which price
may fall towards 8435/8345/8260. On the
other hand if price sustains trades above 8578
the hanging man pattern will be nullified and
price will move higher towards 8660‐8700.
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