May 23, 2018

NIFTY Chart analysis || 50 Day SMA and Bearish engulfing

  • Nifty daily is trying to seek support at 50 Day SMA.
  • Weekly time frame shows bears threatening with a Bearish engulfing pattern at the top. But this Bearish pattern needs help from 50 Day SMA. If 50 Day SMA does not hold in daily time frame then the Bearish engulfing in Weekly time frame will be effective.