Nifty buy above 7630 and sell below 7576

On Friday Nifty 50 have formed indecisive pattern in the Candlestick chart. The entire candle was within the previous day’s candle body. It had very small lower and upper shadow. Nifty is still trading below the Island created on Jan 7. The Island level of 7706 may act like a resistance for short term.

Nifty also breaks the multi-year trend line in the logarithmic chart. The trend line from 2008 bottom is current at 7595. Nifty is just closed above that level. It is also crucial to watch for those levels.

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