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NIFTY WEEKLY - BEARISH HARAMI

Nifty on friday closed with mild gains forming a Bearish Harami Candlestick chart pattern on Weekly basis.After striking a high of 10137.85 market goes into consolidation followed by a steep 4 day correction.On the daily charts we have retraced marginally more than  50% of the previous fall.
                                         The Bearish Harami Candlestick formation clearly reflecting weakness and Bearish Dominant hand in the market. In such cases we are likely to observe sell offs on rallies. Todays session also witnessing the same scenario. Nifty is having a strong support at 9650-9680 Zone. Markets are expected to test these levels in coming days since arrival of nifty at these levels could give markets a chance of bouncing back forming Double Bottom.


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