March 5, 2016

NIFTY Weekend update

  • Last chart of this post shows symmetry in weekly chart. Look how the 700 point fall on the left side was matched by similar up move on the right side and now a few weeks of consolidation is likely as shown in the chart.
  • Daily shows a possible hanging man But this man needs follow up price action. In this case price closing back below 50 Day SMA will add strength for this candlestick pattern. 
  • Price is also approaching previous support zone around 7550. This zone must be taken out by bulls to extend this up move further.