On Friday Nifty up 114 pts, Back-to-back Long legged Doji candlestick patterns in the last two sessions suggests that the market is in the process of near-term bottom formation - may be looking for a rebound, the possibility of a bullish reversal.
Current fall was restricted from 16850 on Thursday & on Friday 1st time Higher Top Higher Bottom formation. Bouncing High printed @ 17145 & the Week finally settled @ 17100 mark, just below 5DEMA @ 17115.
17160 is the trend deciding hurdle. To construct the current rally should stay above this hurdle but primary condition is to cross & close above 5 DEMA 17115 then only this rally may move towards 17210/17320. But Swing based crucial hurdle at 17444 i.e. Devil Cross over point of 20 & 200 DSMAs.
As Main trend down since Dec’ 2022 so any bouncing may fizzle out from any resistance areas. So traders should Cautious at higher ends say 17450 & then 17560/17600 <200DEMA> – these are to be acted as very major resistances for coming sessions.
In case bouncing fails then 1st alarming if breaches below 5DSMA 17040 & mainly below 16950 then may test further 16850 & even break below that & as a more bear grip may move towards 16760 & 16644 as a swing basis.
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