On tuesday, i mentioned a level of 4509 for nifty as a resistance, and after all volatility, nifty touched 4510(future 4515) and crashed to 4430 around,,,a real selling presuure was seen.
On the same day, imentioned to support levels , a band of 4380-4350...yesterday, while markets were dragging down as with global cues,,a spark came with strong iip data,,but than nifty again came down to the supports at 4350(future low 4351)..nifty made a low of 4359..and a slow recovery started..than the recovery turned into a smart one..picked up momentum, in the last haslf n hour......at the eod, turned out tobe a strong hammer like pattern in indices, and major pivotals.
NOW, this candle pattern needs a FOLLOW-UP , TO CONFIRM THE BOTTOM.
a close above 4562..could make 4359 be a good bottom for now.
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