Small bodied bullish candlestick pattern on the daily charts

6 сент. 2023 г.

Hi Mates,

Nifty maintained the upward journey for the third consecutive session despite volatility on September 5. Given the positive trend, seems that Nifty can surpass 19,600 soon and if it gets back above the same, then 19,800 is likely to be the next stop given the falling volatility, while the crucial support is expected at 19,400-19,300 levels. Well if i talk about yesterday session, then Nifty50 started off the day higher at 19,565, but witnessed some correction in the afternoon to hit a day's low of 19,526. However, the index immediately recovered those losses and returned to the momentum to hit an intraday high of 19,587 in late trade, before closing the session at 19,575, up 46 points.
Guy's NIfty has formed a small bodied bullish candlestick pattern on the daily charts after a Doji candle formation in the previous session, making higher highs and higher lows for the third straight session. This is a positive indication and signals uptrend continuation for the market in the short term.

Important levels for Nifty:-

Intraday support zone 19448
Intraday resistance zone 19646

Strong support zone at 19200-19300
Strong Resistance zone at 19650-19700

For me Market is bullish in near term until 19200 levels does not break for below, so if i will find any dip in market i will think to accumulate.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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