Charts In­di­cate Mar­ket Has Found Bot­tom

The Economic Times - - The Jaitley Interview -

ETMar­ 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.

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