Nifty Daily Analysis

• There is a bullish engulfing pattern in daily chart. Important thing about Bullish engulfing is the place were it occurs, This pattern is very effective when it comes at the end of a down trend. For Bearish engulfing it give good results when it comes at the top of the trend. So we have to wait and see if this engulfing pattern has the power to break and close above the resistance levels.
• 5950 level should be taken out on a closing basis for to confirm the breakout above the resistance line as shown in 2nd chart.
• Last chart shows price retracing to the broken trend line, So bulls has to be powerful to break and close above the weekly resistance line.
• BANK NIFTY ANALYSIS