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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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DOJI

Nifty witnessed an absolutely sedate session,the bias looked positive but lacked momentum . The broader market was negative with 665 advances to 808 advances.The rally seemed to take a halt for a day before continuing further.i feel that the rally would take the markets to 5470-5500 before correction.since we are lacing fundamentally the longevity of this rally cannot be counted on.                                                                                                       On the hourly charts we are making higher highs and higher lows keeping the momentum intact,still as advocated a burst of 40-60 points on the nifty is still pending before correction ,i feel this might come tomorrow.Hence adding nothing more to i...
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