Nifty on last Friday (06/09/2024) closed at 24852, making a low of 24801,and made a high of 24168.On daily chart nifty closed below the 20 EMA line, made a big bearish candle. RSI is at 51.66 after breaking 60 lines, which are all negative signals presently the market is giving. See the Nifty daily chart below. Actually, from the chart we can see that Nifty is now at last support level as per last closing (24852).If Nifty decisively trades below this level, or below 24800,we can see a huge down move in the market.
On weekly chart, Nifty made a big bearish weekly candle, which engulfed the previous weekly candle completely. So, we can say that it has made a bearish engulfing pattern. We will wait and watch the next weekly candle closing. If it can give a closing below this week's bearish candle, the market may turn bearish for the time being. We should cautiously enter into the market and make positions accordingly.
On the other hand, if
Nifty can surpass the level of 25000 level, we can see the continuation of the
uptrend in the market.
Bank Nifty on the
other hand, closed at 50576 on daily candle, broke two support levels on Friday
06/09/2024).It has made a low of 50447 making a big bearish candle indicates
bearish mood in the index.
