NIFTY today formed almost a Bullish Engulfing candlestick pattern on Daily charts.
Today's candle is more like Bullish Marubozu which suggests strong Bullish momentum.
BULLS are in complete charge of the market and looks like there is a Buy on every small Dip.
Now, BULLS have to break above a crucial resistance between 16665 - 16700 levels, if its able to break above it then next Target would be 16900 levels.
On Downside, NIFTY can take support from 16400 - 16490 levels, if that is broken then on downside we can see NIFTY levels of 16200.
Today's candle is more like Bullish Marubozu which suggests strong Bullish momentum.
BULLS are in complete charge of the market and looks like there is a Buy on every small Dip.
Now, BULLS have to break above a crucial resistance between 16665 - 16700 levels, if its able to break above it then next Target would be 16900 levels.
On Downside, NIFTY can take support from 16400 - 16490 levels, if that is broken then on downside we can see NIFTY levels of 16200.