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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