- After showing negative type candlestick pattern in last session, Nifty was not able to show weakness today and closed the day with modest gains of around 30 points.
- Nifty opened today with positive note and shifted later into intraday sideways range for better part of session. The minor buying has emerged during afternoon to later part of session.
- A high wave type candlestick pattern has been formed today just beside the candle formation of last session. Pattern wise, this formation is indicating sideways range movement in the market at the highs.
- The larger degree positive sequence of higher tops and bottoms is intact and currently, Nifty is in the process of forming a new higher top of the sequence. But, the formation of higher top has not been confirmed.
Conclusion & Strategy:
- The underlying short term trend of Nifty continues to be positive and there is a possibility of some more up move in the market for short term.
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- Next upside levels to be watched is around 9850-9900 levels.
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