Nifty outlook by EpicResearch

Nifty forms a Pinbar as market completely rejects lower levels and close near day's high in a volatile session. Nifty added the gains as compared to the previous day. Nifty gaped up on the back of positive cues and sentiment along with expansion based on previous day pattern.

A Pin-bar candle usually comprises of a very diminutive; small, body with a wider swing making a long shadow on the opposite side of the body. On today's chart, A pinbar pattern shows a longer lower shadow that indicates lower levels were completely rejected by market and sentiments turned largely positive with market covering the losses and ending the day on a marginal loss of points.

With that, we still believe the hurdle is placed at 10890, a trendline, on a closing basis, which is drawn from peaks of 10984. Once that is taken out; we expect a directional play is in the kitty for higher targets 11050 - 11150. Stay long with lower levels as an opportunity to buy in short term.

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Posted in: Indian Market Tips