Tuesday, March 1, 2011

A gravestone doji pattern on the budget day. Will that turn into bullish reversal ?!


The budget day session saw heightened volatility yesterday and finally Nifty closed the day near to the open around 5333 levels after testing 5477 levels.

It has formed a gravestone doji pattern in charts and after the bearish move for expiry on 24th feb and a small consolidation yesterday, there is a chance that Nifty can start a mild bullish rally in the month of march. A close above 5406 levels at this stage would confirm the bullish move and can push it to test the 200 DMA around 5645 levels.

Resistance levels : 5380, 5406, 5432

Support levels : 5304, 5273, 5243


-Happy Trading

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