Weekly Chart
Weekly Chart II
Bank Nifty broke the fan line support intra week but closed above it. The candle made is a high wave candle which can indicate that
the market is losing its direction and a change in trend may be
imminent. Large intraday swings portray a market that has become
indecisive. The inability to close near the high or the low indicates a
lack of conviction on the part of both bulls and bears. Occuring during a downtrend, it could be indicating that the bears could be
losing control of the trend. By itself, the high wave candlestick does
not produce a buy or sell signal. It serves as an alert to a
possible change in trend.
Daily Chart
The daily chart though shows a bearish engulfing pattern which shows continued bearishness.The first sign of recovery would be a close above 10516.Till then it would be safe to assume continued bearishness.
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Lakshmi Ramachandran
www.vipreetsafetrading.com
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