- Bank nifty has given a bearish engulfing pattern @ 200 DMA.
- Nifty has given a Dark cloud cover pattern.
- CNX IT has given a similar result from 200 DMA.
- For bulls price is still above 50 Day Moving Average.
- So We have to see if these candlesticks take price below 50 DMA or not. If the correction is limited to 50 DMA then chance of another attempt to break 200 DMA may arise.
- Nifty's correction was started from this small triangle pattern
San,
ReplyDeletethanks for ur views.
if u recall, i m PD of vfm.
recently come to my hometown Ahmedabad.
joined torrent power, ahd as Manager, Medical Services.
i m not active in nifty trading as in past.
at present created short ard on 5650 on 7/7.
Wish to know 50 DMA of Nifty.
thanks & regards,
dr. hitendra
hitendrapatel@torrentpower.com