Daily Chart
Nifty had formed a broadening pattern which is a bearish topping pattern. However, the euphoria due to the Election results led to a breakout on the top.
Daily Chart
The breakout seems to be petering out with a bearish engulfing pattern followed by a hanging man, proving the breakout should mostly be a false breakout.
Supports at 20702 break of which could lead to filling the huge gap area 20508-20267.
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Happy Trading !!
Lakshmi Ramachandran
