Nifty outlook – Further pullback expected.
In the early trades nifty fell to 5715. In
the second half market recovered from
the lows of the day to close at 5781. Nifty
has made doji candlestick formation. A
single day candlestick formation have no
major significance except it confirms the support zone mentioned yesterday. Is
it a reversal or pullback from the oversold condition is yet to be seen.
Further upside will get resistence at 5808 & 5860 levels. Overall, unless
rising trendline and lower side of the gap is broken nifty view of rangebound
activity within the trendlines remains intact with possibility of pullback upto
mentioned level of 5900. Buying opportunity could be looked for with stop below
lower shadow of doji or
lower range of the gap.
Nifty Daily Chart
Nifty weekly Chart
