Hello Traders, the „bearish engulfing“ wasn't complete, and so it followed another day of weakness for NIFTY50! It declined to 16340 and closed the day @ 16411. It fell below my cited range, and it could be, that 1-3 days of recovering price will follow in the coming week. From a candlestick perspective, it creates a „doji“, a pattern of uncertainty. A perfect match for Monday would be a gap-up and a bullish candle; it would leave a „Morning-star“ at chart!? But let's check the facts. With Friday's decline, N50, has closed an open gap, left by trading from March 9-10 on both (low and closing price). If this was all of the decline, price should reverse and run higher for 1-3 days, with targets at or around the 16840-16900 range. Above that zone, the door should be open to 17240-1717425 range. A weak opening on Monday, on the other hand, should morph into a decline for N50 to 16160-16100 range. Another target range should be at or around 15969-15953! If so to come, we have to analyze the chart again for more information.
Have a great Sunday..... Ruebennase
Feel free to ask or comment! Trading this analysis is at your own risk!