An Outside Day pattern aoccured which is a one day reversal pattern. The Nifty was in a correction since the last two days which continued for a good part of today's session. Thus the pattern could be indicating a reversal of this very short term downtrend.
A rising wedge could be forming as shown in red. This could have bearish implications if the resistance line of the wedge is respected.
Resistance is at 5101-5187-5234-5290 Support is at 4943-4915-4870.
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