Nifty : Ab Ki Baar Mandi Ki Maar ?

May 23, 2019

Nifty daily chart is giving picture of range bound movement in the upward sloping channel. Nifty has posted high of 12041 close to the resistance line of channel. The pattern which has emerged on candlestick looks little bit scary for the downtrend. It would have been a three inside down candle pattern if the 1st candle on 21st May was a white bullish candle. Harami pattern had emerged yesterday which is followed by today's large bearish candle. Bulls couldn't use election news to strengthen grip over the market at higher levels. Strength of today's red candle can be gauged by the range which has engulfed last 3 day's candle stick within it's body. MACD has crossed over to the upside but still below the signal line. 12100 should be the resistance on higher side and index can slide towards 11000 level in coming session. This is not the market for investors to accumulate stocks.

We are still bearish since our last post on Exit poll which is attached with this report at bottom. 11750-11850 continue to pose as a supply zone