Will the CHILD (BANKNIFTY) SAVE the MOTHER (NIFTY 50).....
After Today's Intraday Price Action and Daily Closing basis we must kept a light on that is there any reversal in present Bearish trend is starting or it is just a usual Bounce in Intraday /lower time frame..? I must say that, In Nifty and Banknifty after closing on daily basis there are Bullish reversal Candlestick Patterns we had at the BOTTOM...Bottom is the Demand Zone of Market and Shelter For BUYERS Eventually BULLS Territory...and they tend show their Presence With some significant Thing like Bullish Candlestick Pattern..i.e HAMMER,BULLISH PIERCING,BULLISH ENGULFING,MORNING STAR etc...
So Friends,Today on a daily closing basis we had two bullish candlestic Patterns right at the Bottom in Nifty and Banknifty Both...Today all the major components of NIFTY INDEX were trading in RED Except BANKINIFTY,FINNIFTY,PSUBANKS,...and till date The MOTHER CANDLE low (Budget day Candle) didn't broken in Banknifty by Bears...Both Index are seeking to take support at 200 Daily EMA...That's Looking a positive sign..and we may expect upmove Rally further.. We May Bullish but NOT STRONG BULLISH on a Higher side Time Frame..The Downside Trend is Remain Intact till Nifty sustains above 18150 Levels...
That's all...
Work on Levels ....Happy Trading..Best of Luck...
So Friends,Today on a daily closing basis we had two bullish candlestic Patterns right at the Bottom in Nifty and Banknifty Both...Today all the major components of NIFTY INDEX were trading in RED Except BANKINIFTY,FINNIFTY,PSUBANKS,...and till date The MOTHER CANDLE low (Budget day Candle) didn't broken in Banknifty by Bears...Both Index are seeking to take support at 200 Daily EMA...That's Looking a positive sign..and we may expect upmove Rally further.. We May Bullish but NOT STRONG BULLISH on a Higher side Time Frame..The Downside Trend is Remain Intact till Nifty sustains above 18150 Levels...
That's all...
Work on Levels ....Happy Trading..Best of Luck...