Nifty forms Bullish Pinbar Pattern at 100 Days MA indicating support at lower levels. A bullish Pinbar is a reversal pattern which is formed at important supports or zone. A sharp reversal was seen from 11500 levels as 100 days MA kicked in some confidence to bulls. Reversal coupled with some lower level buying helped Nifty to sustain 11500 and close almost equal to previous day close.
Though with that, Mixed breadth is seen in markets with some important sectors with a higher weight such as Finance, FMCG, Metal and Pvt banks were down while Auto, Energy and Small and Midcap space were seen up.
We believe since the market is between 50 and 100 Days MA there can be some consolidation along with stabilization in volatility. The damage is done in its simplest form as confidence is now much weaker as before and we believe there can be some selling pressure around 11690-11650 in markets.
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