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Nifty ends down making a bearish engulfing pattern on the weekly chart indicating a bearish bias in short term. Nifty shredded it’s previous two weeks of gains and ended below 10550. Despite a fall in crude oil, appreciation in rupee, the jitters were seen in investors as Nifty struggled around 10700 marks.Technically, A bearish engulfing pattern is a reversal pattern which favors the bear with higher probability. A body, black, engulfs the previous candle indicating the strength of bears and hence implicates the future to be with a negative bias. Secondly, prices have seen a resistance placed at 10720 levels which also happens to be a 50 Days MA zone. We have seen a rejection of bulls in the current trend at higher levels.
One needs to be cautious going ahead as headwinds may be stronger and volatility may be high. We expect the range for the market to be 10600 to 10220 and approach should be selling on any pullbacks.
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Posted in: Indian Market Tips
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