NIFTY Index Chart Analysis
CAUTION SHOULD BE THE WATCHWORD
L ast week, the domestic benchmark indices closed flat on a week-on-week basis but formed a bearish pattern (shooting star) that warrants attention. The Nifty closed at a week’s low to create a shooting star candle, indicating a potential reversal in the market’s upward trend. It opened much below the shooting star low on fresh week’s opening. Unless it closes above the 22,500-22,580, we can assume that the index has formed an intermediate top. Previously, all the swing highs formed a long upper shadow candle (shooting star), followed by a significant decline.
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