Nifty Formed A Long Bullish Candlestick Pattern - Dollar Advisory Financial Services

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Monday 10 July 2017

Nifty Formed A Long Bullish Candlestick Pattern

On the daily chart, Nifty formed a long bullish candlestick pattern, which indicates a bigger rally to trigger ahead of Q1 earnings disclosure. With the possibility of a breakout from either side ahead of earnings data, the market will have sideways exposure.

If it breaks out at 9700 on a closing basis, momentum may take the rally up to 9800 to 9950 level on a shorter term. The RSI of Nifty currently stands at 62 which indicates a positive trend as Nifty prepares to price positively to the aftermath of GST effect.

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