Nifty Made a Bullish engulfing pattern squeezing out the bears on lower levels. Bullish engulfing pattern is generally formed after a bearish candle with a gap down open while the candle is formed a bullish long white along with close above previous candle. The strong signal is sent to bears as bulls, the body of candle, engulfs the bears and the trend is now in favour of bulls.
Though broader range remains the same of 8100 - 8050 to 8300. traders/ Investors are advised to maintain buy on dips strategy.
By Mustafa Nadeem, Epic Research