Nifty, which had formed a bearish engulfing pattern on the weekly as well as on daily charts, opened Tuesdays trading session on a strong note with the index scaling above the 21,700 level.
Nifty s short-term trend is down and more weakness in the short term is expected. The next important support zone to be watched is around 20,950-20,850 levels, which are coinciding with supports of the previous up gap of Dec 14, swing low of Dec 21, and also 38.2% Fibonacci retracement of Oct 23 bottom to Jan 24 top
Nifty on Tuesday ended 333 points lower to form a long bear candle on the daily chart with analysts warning that one may expect more weakness from here to form a new lower bottom of the sequence.
On the technical charts, Nifty formed a huge bearish engulfing candlestick. It broke the crucial support of 21,300 with a head and shoulder pattern. Now the next support lies at 21,000 coinciding with the 50-day moving average (DMA), says Sheersham Gupta, director and senior technical analyst at Rupeezy
India Business News: Foreign funds continued to sell off in the Indian market, with a net outflow of Rs 3,115 crore. In the past seven trading sessions, foreign portfolio