Nifty View: Seems like the “Dark Cloud Cover” pattern about which I mentioned yesterday did play out a bit in today’s trading session as the benchmark Nifty dropped 0.38% to close at 15,795. Now a closer look at the 15min chart of the index clearly shows how the index faced support within the range of (15,760-15,780) multiple times in today's trade. And a couple of more interesting facts - we have a 61.8% Fibonacci Retracement and the “Point of Control” from Volume Profile which confluences close to this range. What does this mean? We have a very strong short term support close to 15,750 and if this level holds tomorrow then we will see a fine bounce back. Keep a close eye on RELIANCE.
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