Day Trad­ing Guide

The Economic Times - - Smart -

Wed­nes­day’s de­cline was the out­come of Nifty’s in­abil­ity to sus­tain above 10,130. The in­dex made a bear­ish can­dle, form­ing an en­gulf­ing pat­tern atop, as it con­tin­ues to strug­gle around 10,130. How­ever, the 33-point de­cline doesn’t take any­thing from Nifty’s struc­tural strength. It’s only the lack of bull mo­men­tum at the top that has caused the early fee­ble­ness. The last half an hour’s in­dex fall was led by BankNifty, in­ten­si­fy­ing sell­ing pres­sure in­ten­si­fied as it broke be­low Tues­day’s low of 25,000. Mul­ti­ple swing highs around 13,900 are seen in past four Nifty Pri­vate Bank in­dex ses­sions. The same co­in­cides with three-digit gann num­ber of 139(00), which sug­gests pres­ence of a hur­dle zone at the top.

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