Nifty created a bullish engulfuing candelstick pattern on a demand zone on 1hr chart supported by a uptrendline by joing the lows of 1st feb 2023 to the lows 17 feb 2023. Also the pattern is supported by fibonacci 61.8% support level. Daily 21 EMA is also acting as support.
Also if we zoom down to 5 min chart a Double bottom chart pattern has been formed.
Untill the lows of 17 feb is maintained my view is bullish on nifty with a target of 18200 .
A breakout above 18260 can lead to new lifetime in nifty.
Also if we zoom down to 5 min chart a Double bottom chart pattern has been formed.
Untill the lows of 17 feb is maintained my view is bullish on nifty with a target of 18200 .
A breakout above 18260 can lead to new lifetime in nifty.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.