Today it gave us a big red candle which was strange. What should be expected now? Yesterday it broke the 5612 resistance but today it came back under the resistance! What is your opinion sir?
traderhimanshu
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@anandrathore, Hi Anand, thank you for considering our analysis. I think the stock didn't get sufficient buyers. That is why it failed to continue the breakout. But there is no surprise as the previous candle has already a long upper wick reflected selling pressure. But if the stock closes below the low of breakout candle buyers may leave the hope.
Along with this, the depreciation of rupee, rising crude oil and gas prices and imminent danger of power shortage also had a negative impact on the stock market.