In the Nifty chart, the Nifty50 dropped 150-odd points on October 19, 2018, settle a bit over the 10,300 level. A gap-down opening and a Spinning Top-like candle on the day by day outline multi-day after a ‘Bearish Engulfing’ formation does not look good for the file.
Included a bearish candle the weekly scale, the bears look solidly in the driver’s seat. The index may test the ongoing low of 10,138, while upside jump is seen at 10,450. On October 19, 2018, Nifty fell 149.50 points, or 1.43 percent, to close at 10,303.
The index in the long run settled over the 11,050 checks, down only 14 points. All the while, the NSE gauge framed a bearish light on the day by day outline, however, turned around its lower high, bring down low formation.
“Nifty also formed higher highs and higher lows, which signaled a positive bias. For the second consecutive session, the index managed to sustain above its 100-day SMA at 11,035, which is a crucial support to watch out for,” the expert said.
“As per the weekly timeframe, the Nifty chart has formed a negative candle with a long upper shadow, which indicates a sharp negative reversal from the recent highs. The weekly RSI is also sending out a negative signal,” said Nagaraj Shetti, who is the Technical Research Analyst at HDFC Securities.
Owing to consecutive sharp revisions, a pullback can’t be discounted going ahead, said Mazhar Mohammad of Chartviewindia.in. In a perfect world, any such move ought to be used to make new shorts, he said.
Nagaraj Shetti said that the recent bounce could be in accordance with the development of new lower best of the sequence. Nifty neglecting to move over the high of 11,100 could prompt ‘sell on rising’ in the market, he said.
Chandan Taparia of Motilal Oswal Securities anticipated that the Nifty chart will fall beneath 10,400. It could slip towards its essential help of 10,200 and after those 10,138 imprints. The upside leap is found in the 10,450-10,500 range, Chandan Taparia said, Economic Times reported.
The post Nifty50 Slumps 150-Odd Points Spinning Top-Like Candle On Nifty Chart & Forms ‘Bearish Engulfing’ appeared first on OWLT Market.
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