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Nifty trend and stocks in action on September 28, 2020

Karan DSIJ
/ Categories: DSIJ Mindshare
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Nifty trend and stocks in action on September 28, 2020

Friday was a fabulous day for Nifty as it gained 2.26 per cent and reclaimed its important psychological mark of 11,000. Despite posting strong gains on the final trading session of the week, Nifty ended the week with a net loss of 3.95 per cent.

On the daily timeframe, Nifty formed a bullish candle; however, if we analyse the price action of the last three days, it has formed a downside Tasuki gap candle pattern, which is supposed to be a bearish continuation pattern. Technically, the overall structure of the index has changed in over the last couple of weeks as the index has slipped below its crucial moving average i.e. 20-DMA and 50-DMA. Moreover, we observed a lower top and a lower bottom, which reiterates that the trend has shifted in favour of the bears. Now the big question is how long this pullback rally would continue?

The current pullback rally could continue towards the level of 11,153-11,204 and sustaining above this level could tell us whether the bulls have the potential to take it forward or not. On the downside, immediate support is seen around 11,015 levels. As long as Nifty is above 11,015 levels, look for buying opportunities for the targets mentioned above.

So overall, we expect this pullback rally to continue as the point of resistance is placed in the region of 11,153-11,204.

 

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