Nifty- Bearish engulfing means more pain in store
Nifty made a Doji candle on the 50EMA line on Friday. Does it have the momentum to rebound from here? Seems improbable.
On the weekly charts, Nifty has made a bearish engulfing pattern--with a big bearish red candle. From here, it could correct more and take support at 50EMA on weekly chart. PCR at 0.71 doesn't contra indicate an up-move yet. CPR on mMonday is 14pts wide, so a trending market is likely.
Opening could be gap down below the CPR, so 17597 could be a major resistance. If broken we could see levels of 17610/17693/18032 being a major resistance.
On the downside, 17015 is the next major support. So there is more pain to come and global cues aren't supportive. What do you think?
On the weekly charts, Nifty has made a bearish engulfing pattern--with a big bearish red candle. From here, it could correct more and take support at 50EMA on weekly chart. PCR at 0.71 doesn't contra indicate an up-move yet. CPR on mMonday is 14pts wide, so a trending market is likely.
Opening could be gap down below the CPR, so 17597 could be a major resistance. If broken we could see levels of 17610/17693/18032 being a major resistance.
On the downside, 17015 is the next major support. So there is more pain to come and global cues aren't supportive. What do you think?
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