Nifty makes a bullish Harami on the edge of its rising window. After an unusually long bearish candle, we have seen a Bullish Harami being formed on the daily scale. Nifty was able to sustain its previous day low while the day’s range was well within the previous candle. A bullish Harami is formed usually on the downside of a range which is a reversal pattern as it indicates exhaustion of the previous trend.
Technically, RSI 14 is below 50 which shows the strength in prices has faded away since the breach of 11800 levels. Also, there is a negative crossover on directional indicators. With that, we have seen a Head and Shoulder pattern breakout on smaller TF which indicates bearish bias.
We believe any pullback in prices shall be seen with the critical approach as it may turn out to be shallow as resistance for Nifty is now placed at 11740 – 11790 area. Previously this was working as support and now may be turned as resistance.
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