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NIFTY SPOT CHART STUDY

NIFTYSPOT020215_1

as per the nifty chart development, we can see that nifty is moving into “INVERTED RISING TRIANGLE” pattern now, and able to touch the upper resistance level before two trading session.

now recently we can see that it has given a “BEARISH ENGULFING CANDLE” at top level and next to that it has given a “DOJI” candle in todays session, but important thing to notice here is, we can see that on supporting trendline, it has given a same DOJI candle for last two times and able to take a bounce from there.

now with the todays candle it able to fill the gap on chart, interestingly rsi able to move below support but price is still at support level.

now if we see candlestick, nifty able to give strong breaish candle recently at bottom level, where it took support and bounce and this time exactly at top level so now need to see it take bounce or go for correction till the triangle support level.

so now overall todays “DOJI” candle can decide next trend or can resume next trend, with the bottom level of 8750 and upper level of 8850 beyond this range we can expect a good move, if bottom level achived then 8600-8400-8200 also possible in coming days.

if market took reverse from here then it can look to touch the last high level near to 9000 market and then to decide next move.

so overall conclusion is market trading at important level and next 100 points move can decide the trend of market.

 

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