Nifty Update

Hourly Chart

Had to look at smaller period chart to try and disect what could be the implications of recent movements especially after the Bearish engulfing candle pattern made on the 24th of June.

Negativity continues as the past 4 candles have failed to retrace even 50% of the bearish engulfing candle.A range of 10195-10409 has been formed and it's difficult to say which side will be broken out since an equilateral triangle has formed -shown in red.Bias though is on the downside.

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Happy Trading !!



Lakshmi Ramachandran