Daily Chart
Half Hourly Chart
The Nifty made a pullback as
expected thereby forming a shooting star which is a bearish candle
pattern.
I have explained the shooting star many times before and you may read it here http://vipreetinvestments.blogspot.com/search?q=shooting+star.
Occuring when the oscillators have turned down from overbought region after showing negative divergence and price making a rising wedge makes it all the more bearish.
An Inside day pattern also occured which shows indecision.In today's context it may be indicating indecision to continue with the uptrend.Look for a break of the low of the previous day's candle for confirmation.
I have explained the shooting star many times before and you may read it here http://vipreetinvestments.blogspot.com/search?q=shooting+star.
Occuring when the oscillators have turned down from overbought region after showing negative divergence and price making a rising wedge makes it all the more bearish.
An Inside day pattern also occured which shows indecision.In today's context it may be indicating indecision to continue with the uptrend.Look for a break of the low of the previous day's candle for confirmation.
Supports marked on the charts.Holding the uptrendline of the rally around 5318 will keep the bullishness intact.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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