Nifty forms Long Legged Doji candlesticks


Equity tips:-

With the results season in the next week, we expect consolidation to set in the markets. A break below the Doji’s low of 11,560 would lead to further selling pressure in the market.






Nifty has formed a Double Top kind of a pattern on the weekly chart and has also formed a Long Legged Doji candlestick pattern on the weekly chart which indicates caution and great amount of indecision in the near term. With the results season in the next week, we expect consolidation to set in the markets. A break below the Doji’s low of 11,560 would lead to further selling pressure in the market. However, the overall trend is still intact and the strategy should continue to be buy in declines.


Amid a highly volatile week, Bank Nifty formed a Spinning Top kind of a candlestick pattern on the weekly chart. This indicates high levels of indecisiveness at the current juncture. On the downside, only a breach below the 30,000 levels will lead to a fresh bout of selling pressure in the near term. Nifty Metal index has broken out from a Flag pattern on the daily chart and is likely to continue to outperform in the coming week.

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