Nifty managed to hold 11600 and rebound to close tad below 11800. A bullish engulfing pattern on the daily scale is seen which is a bullish reversal pattern. This is the second time we are seeing this pattern emerging from this level.Today’s price action/candle body has covered the entire trading range of the previous day which indicates that bulls are present between 11650 – 11750. Though they have not been able to breach 11850.
Prices are stuck between 20 days MA which is placed at 11856 and 50 days MA which is providing support at 11796. The underlying signal still indicates a Buy for short to medium term. Also, Derivatives data, ahead of Monthly expiry, points out the range for the market to be 11700 – 12100.
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