Jun 282010
 

As can seen from the chart below, a gravestone Doji formation is visible on Nifty's weekly chart.

Nifty weekly chart - Source Bloomberg

This pattern is moderately bearish and a follow up selling this week(Friday's close) that takes Nifty below the low of 5259 would draw in more sellers.  Aggressive strategy would be to sell below the low of last week while a conservative approach would be to wait for this week's close to see if there is a bearish reiteration. A close above the high of 5366 would nullify the bearish signal.

  One Response to “Nifty – bearish price action on weekly chart”

  1. Hi again,

    Today the Nifty has given a close above 5366 – please advise.

    Cheers…

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