Nifty - Technical Analysis:
Nifty opened with a gap down and ended the day just above its low, forming a near perfect marubozu, which is an extremely bearish signal.
On the bright side, Nifty managed to hold its 10900 lower trend line support.
The index formed a near perfect wedge on 15m charts.
Market - Driving Factors:
PSU bank and Metal indices...
IOC made a bullish marubozu crossing 100 DEMA & its long term resistance at 93.6 only to come back and close just below.
Buy above 93.6 / 94.7 (based on your risk appetite) for targets of 96, 97.5, 100 with SL at 90.65
It is been observed on the daily chart that the price action forms a bullish Marubozu candlestick pattern with a breakout from a downward trend line indicating buyers dominance over the price action and control over prices. It shall move further up to next resistance levels.
Target 1: 332
Target 2: 340
It is been observed that there are some candlesticks pattern which describes the sentiment and movement of buyers and sellers in the market. It is observed that when a Green Bullish Candle with no to little wick in bottom found after a downtrend indicates a buyers come back with full dominance over price action as there will be no lower wick which means no selling...