Nifty forms Bullish Pinbar Pattern at 100 Days MA indicating support
at lower levels. A bullish
Pinbar is a reversal pattern which is formed
at important supports or zone. A sharp reversal was seen from 11500
levels as 100 days MA kicked in some confidence to bulls. Reversal
coupled with some lower level buying helped Nifty to sustain 11500 and
close almost equal to previous day close.
Though with that, Mixed breadth is seen in markets with some
important sectors with a higher weight such as Finance, FMCG, Metal and
Pvt banks were down while Auto, Energy and Small and Midcap space were
seen up.
We believe since
the market is between 50 and 100 Days MA there can be some consolidation
along with stabilization in volatility. The damage is done in its
simplest form as confidence is now much weaker as before and we believe
there can be some selling pressure around 11690-11650 in markets.
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