The weekly candle formed a bearish engulfing candle. The pattern indicating a reversal is quite strong as, Nifty has been in an uptrend since almost 24 weeks,
the pattern formed with the bearish candle which totally engulfed the previous bullish candle,
and, the size of the bearish candle was significant. The hourly chart depicts the intensity of the fall.
The oscillators are showing negative divergence.
The uptrendline of the upmove from April lows has been broken by the bearish candle and Nifty has failed to close above it since.
Half Hourly Chart
Till the gap and lower high of 11585 is not taken out the Nifty remains weak.
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