Daily Line Chart
Half Hourly Chart
Bearish engulfing pattern on daily charts.This could well be a bullish signal as it has occured after a substantial fall. A bearish engulfing pattern after an extended down trend represents the bears final attempt to drive the market price lower. If one is short and a Last Engulfing Bearish pattern forms, one should identify a protective stop level near the highs of the Last Engulfing Bearish pattern to protect any profit in the trade. Positive divergence on half hourly oscillators and oversold daily oscillators support this view.
Daily Line Chart shows the bank Nifty could test the lower end of the range at around 7800.Sell on rises.
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