By a staff reporter:
Yesterday Nifty rose 142 points to 17606 and formed a Long legged Green candle bullish candle as per daily chart.
Yesterday Nifty opened at 17554 < almost 100 points higher > but took support before 17400 Low = 17427 then after announcement of Dovish RBI policy current rally extended upto 17639 as a 3rd consecutive session up move and finally settled at 17605.
Our projected range 17450 to 17650 was tested. Nifty failed to stayed above 17630/650 mark.
Though it formed a Long lower tail green candle but Hammer formation printed after 3 days rally so that resembled a Hanging Man type formation which is actually bearish in nature as per candlestick pattern. Confirmation if sustains below 17565 & further reversal may take support near 17420/370.
That will negate if crosses & stays above 17666-17700 mark & then 17777/17800 possible to cross.
Source : Eureka
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