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The Nifty recouped losses from intraday lows to close just around its crucial 100-days exponential moving average (DEMA), which is placed around 10,410. On the daily candlestick charts, it made a ‘Hammer’ like the pattern.
A Hammer is a bullish reversal pattern. It consists of no upper shadow, a small body, and long lower shadow which suggests that bulls pushed the index towards its opening levels towards the close of the trade.
The long lower shadow of the Hammer signifies that it tested its support where demand was located and then bounced back. The Nifty tested its 5-DEMA placed around 10,372.
The index opened at 10,393 and rose to an intraday high of 10,420. It slipped to an intraday low of 10,336 before closing the day at 10410, down 15 points.
“It was heartening to see Nifty50 recovering from day’s low of 10336 levels before signing off the day with a Hammer kind of formation. This kind of price behaviour, especially after Tuesday’s bull trap with an intraday flash crash which created brief panic among bulls, certainly augurs well for markets,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, told Moneycontrol.
“The bounce back suggests that the Nifty50 can continue to remain range bound between 10490 – 10300 without much downsides in the near term. Meanwhile to retain bullish bias Nifty50 shall continue to sustain above 10300 levels on closing basis,” he said
Mohammad further added that on a close above 10490 levels, bulls shall make one more attempt to resume their short-term upmove which shall eventually take the indices towards critical resistance point of 10630.
India VIX fell down marginally by 0.69 percent at 14.36. The volatility should decline below 13-13.50 to extend its recent bounce back move.
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