In my previous post I mentioned about the Resistance near 7727 on Nifty. As mentioned Nifty tested 7749, however failed to close above the Resistance. After forming a Doji Satr on previous day Nifty tested 7749 but dropped sharply and formed Bearish Engulfing candlestick pattern; which is an Indication of Reversal.
Currently we don't know whether this Rise is a part of New Bull or just a Bear Market Rally; however we can say the Bear Market is over once Nifty Decisively Breaks the Resistance near 7749. We need to watch price action near 7604 and 7749 very carefully to determine the future movement of Market.
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Thanks & Regards,