Today Nifty showed shooting star candlestick pattern, after which a hammer candlestick pattern shows indecision among bulls and bears. Neither Bulls nor bears have been able to take advantages. For next trading session selling pressure may be continuing below 5,300 levels. On the other hand, If Nifty shows respect for support at 5,300 levels then some recovery may also be seen.
For intraday trading, trend deciding level is at 5,300-5,330. If Nifty shows strength above this level, then rally to 5,360/5,400/5,460 levels may be seen. On the downside if Nifty fails to show strength above 5,300 levels then selling till 5,260/5,225/5,180 may also be seen.
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