Charts Indicate Market Has Found Bottom
ETMarkets.com: As the market staged a strong bounce back on Monday, the Nifty50 formed a bullish lower shadow on the Japanese Candlestick charts, signalling that the market is finally out of bear grip. After falling near the 7,500 level in intraday trade, the Nifty50 staged a smart rebound during the day and settled at the day’s high above the 7,670 mark. In the process, the NSE barometer comfortably breached the crucial range of 7,530-7,550 on a closing basis, giving traders a reason to believe that the market has found its bottom at least for the next couple of sessions. This has increased the chances that the index may now look to take out its recent top of 7,777, hit on March 31.