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Nifty outlook
The occurrence of “Bullish Harami” in the Nifty post sharp downside in the previous trading session indicates subsiding selling pressure. Earlier occurrences of “Bullish Engulfing” & “Bullish Hammer” indicates bears are unable to breach below support levels placed around 10,775 (100 WEMA). With most oscillators recovering from their respective oversold zones, further short covering move targeting 11,180 & 11,230 is a likely scenario. Unless the index breaches below 100 WEMA (10,775), the possibility of unlocking short covering move persists. However, only a move surpassing 200 DEMA (11,270) would lead to sustainable upside momentum in coming sessions. Short-term traders
The occurrence of “Bullish Harami” in the Nifty post sharp downside in the previous trading session indicates subsiding selling pressure. Earlier occurrences of “Bullish Engulfing” & “Bullish Hammer” indicates bears are unable to breach below support levels placed around 10,775 (100 WEMA). With most oscillators recovering from their respective oversold zones, further short covering move targeting 11,180 & 11,230 is a likely scenario. Unless the index breaches below 100 WEMA (10,775), the possibility of unlocking short covering move persists. However, only a move surpassing 200 DEMA (11,270) would lead to sustainable upside momentum in coming sessions. Short-term traders
