Confused markets as shown by the broadening patterns on the chart below. This volatility is due to the various news flow which is looked up to keenly by market participants.
The Nifty has however managed to keep above the downtrendline from 5629 and inspite of the bearish engulfing pattern made yesterday and the breaking out of the rising wedge, failed to follow up with more bearishness.
200 dema at 5147 remains the first hurdle which needs to be crossed for the upmove to resume.Else the bearish target of the rising wedge is achievable.
Half Hourly Chart
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