Nifty View: Benchmark Nifty index opens strong to hit a new life in today’s session. The close however was disappointing - slipped significantly from its intraday high of 15,930 to post a close at 15,854. Under Japanese Candlestick parlance, the last two days price behaviour is termed as a “Dark Cloud Cover”. Yes, the name is a bit depressing especially for those who prefer sunshine. This pattern suggests follow-through price weakness, for which I suggest we should at least wait for the index to slip below today’s low of 15,825. And in such a case, there lies a possibility of a test of the recent 3-day lows that is around (15,650-15,700). There is no particular reason to be bearish as the underlying trends are UP and resilient. I sense that the index will probably consolidate with positive momentum continuing within few specific stocks. Maintain a bullish bias until we have a trend reversal.
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