Nifty formed a bearish candle with a long
lower shadow on weekly charts indicating buying support around the 5700
levels.The lower shadow was the result of a 2% pullback on the last
trading session which also formed an island reversal as can be seen by the blue parallel lines.The downtrendline from the 6133 swing high is proving
resistance and crossing it decisively is necessary for the pullback to
continue.
5970 will now be stiff resistance as pointed out in the chart.
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Lakshmi Ramachandran
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