Technically, Nifty formed a green candle on the daily scale on Wednesday, indicating strength. Additionally, the Smallcap 100 index has rebounded from its previous support, forming a bullish engulfing pattern, while the Midcap 100 index has surpassed the previously formed hammer candles high, further reinforcing positive sentiment. In light of the broader market strength, a…
Indian markets broke their 8-session falling streak after recovering from day’s low, thanks to the heavy lifting done by HDFC Bank while getting support from Reliance Industries (RIL) and Bajaj Finance. While the 30-stock S&P BSE Sensex finished at 75,996.86, gaining by 57.65 points or 0.08%, the broader Nifty rose by 30.25 points or 0.13%…
Nifty on the weekly chart formed a small bullish candle with minor upper and lower shadows on Friday. Technically, this weekly market action signals the formation of a Doji candle pattern. Normally a Doji pattern after a reasonable weakness could be an impending reversal signal post-confirmation. The short-term trend of the Nifty remains weak amidst…
A long bear candle was formed on the Nifty daily chart that was placed beside the long bull candle of Thursday. Technically, this pattern indicates a profit booking in the market after a stellar rise on Thursday. Nifty is currently placed near the support of 23900 levels, which is halfway to a long bull candle…
The formation of a strong bearish candle on Nifty’s weekly chart certainly showcases a turnaround move, with bounces to be seen as opportunities to exit longs. As Nifty slipped below the pivotal zone of 200 SMA on Friday, the next potential support could be seen around the recent swing low of around 23,200-23,100, while a…
Nifty started Thursday on a negative note and stayed under pressure throughout the day, settling negatively at 24,549 levels. The volatility index India VIX dropped by 0.58% to 13.19 levels, indicating a decrease in market volatility. Technically, on the daily chart, the index formed a small red candle. The index has retested the rounding bottom…
A small positive candle was formed on the daily chart on Wednesday with an upper shadow. Technically, this formation indicates a type of bullish inverted hammer-type candle pattern, not a classical one. A sustainable move above the high of this pattern at 24,605 could confirm the positive pattern for the short term. The underlying trend…
A long bear candle was formed on Nifty’s daily chart, which indicates a continuation of steep downside momentum. The positive chart pattern like higher tops and bottoms on the daily chart seems to have been negated by Nifty moving below the last higher bottom of 24,753 levels in today’s session. The underlying trend of Nifty…
Nifty ended Wednesday’s session near the flatline to form a small red candle on the daily chart, and indicate a probable halt in downside momentum. The immediate support of the ascending trend line has been broken on the downside recently and the significant opening downside gap of 5th August remains unfilled. This is a negative…
Nifty ended Monday’s trading session 22 points lower near the 20,500-level as traders adopted a cautious approach ahead of the presentation of the Union Budget on Tuesday. The daily and hourly momentum indicator has a negative crossover which is a sell signal. Crucial support levels to be kept handy are 24,265 (20-day moving average) and…
