Market Outlook
The bulls exhibited a splendid performance as Nifty recovered almost 400 points from the day’s low and recorded gains of 1.28 per cent. With this, it broke Friday’s jinx as for the last five consecutive Fridays, Nifty had recorded a negative close. Despite posting spectacular gains last Friday, it ended the week on a negative note due to four consecutive days of losses recorded in the week. On a weekly basis, Nifty ended down by 1.91 per cent. The price action of the day formed a candlestick pattern, which resembles a bullish piercing candlestick pattern, and this pattern is considered as a bullish reversal pattern because it is found at the end of a downtrend. Besides, on a weekly basis, Nifty had formed a bear candle, which contains a long lower shadow while the long lower shadow signifies that the index tested its support, where demand was located & bounced back.
By -
Nagesh Narkar
08:45:AM, 22 Mar 2021
|