The bearishness of the expanding triangle and outside day pattern mentioned yesterday played out forming a bearish engulfing pattern where real body ( range between open and close) of the last day's candle, which is black, totally engulfs the real body of the previous day's white candle.This is a bearish reversal pattern.
The larger the bodies the more bearish the indication.Bearish reversal patterns within a downtrend, which is the case with the Bank Nifty, would simply confirm existing selling pressure and could be considered continuation patterns. Further weakness is required for bearish confirmation of this reversal pattern.Oscillators showing negative divergence support this view.
Support at 11184 and Resistance at 11457.
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