View: Nifty corrected from higher resistance zone & then took a sharp bounce from lower support area & closed flat.Short-term momentum is up & Long-term is down.Detailed View:Above 3440, downtrend may breakout & we may see fresh rally Else we may see correction at any time. So profit booking at all highs is must till above level is not crossed satisfyingly
On Tuesday the market went down in the second half of the trading session on the failure of sustenance above 3110 level. However, may be due to strong grip of bulls the market recovered smartly towards the end and closed nearer to its previous close of 3120/10300. If we follow the studies of Japanese candlesticks then we can say that the on Tuesday the market has formed ?Hanging Man? formation at the top of the rally on daily charts, which indicates at weakness in the market. Rather it may be an advance indication that bears are ready to take the grip of the market in the near term.
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