Tech View: Nifty forms Bearish Engulfing pattern as bears gain upper hand
NEW DELHI: Nifty50 could barely hold the 11,600 level on Monday, as the index formed a Bearish Engulfing pattern on the daily chart. Analysts said that Tuesday’s trading could be crucial, as it may set the tone of market in the coming sessions.
A move below 11,550 will trigger more corrections, dragging the index towards 11,465-11,420 levels. But a trade above 11,650 may trigger short covering rally towards 11,700-11,760. For resumption of the bull trend, a close beyond 11,760 is required; otherwise bears may take control of the market and push Nifty down gradually,” said Aditya Agarwala of YES Securities.
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