Nifty developed an 'evening star' pattern in daily chart, which is a very strong bearish signal. Ahead of Ayodhya verdict, market is selling off from the strong selling zone near all time high. There is a strong possibility of an extreme volatile market in the coming days due to the high sensitivity of the issue.
If price breaks the blue trendline, I am anticipating a downward rally till price reaches the strong buy zone as marked in the chart.
Also, a clear bearish divergence in MACD histogram has developed in daily chart of Nifty
If price breaks the blue trendline, I am anticipating a downward rally till price reaches the strong buy zone as marked in the chart.
Also, a clear bearish divergence in MACD histogram has developed in daily chart of Nifty
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price broke and the trendline comfortably on 13th Nov and today it went back up to test the trendline. Today's candle is a bearish dozi type candle. If I have to bet my money on Nifty at this point, certainly it will not be for the bulls.