Nifty Technical View

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Nifty Technical View

Nifty has taken support on the 150 EMA on three prior occasions, each time leading to a short-term reversal.
In two of those instances, Nifty even closed below the 150 EMA, only to form a bullish engulfing candle the very next day and reverse.

We are now at the 4th test of this zone — with price again sitting on the 150 EMA plus the lower rising channel trendline, making it an important confluence support area.

If the past behavior continues, odds favor a technical bounce, but candle confirmation remains key.

Trigger Watch:
– Confirmation via bullish reversal candle
– Momentum follow-through above engulfing high (if formed)
– Structure valid as long as channel support holds

Nishesh Jani,CFTe

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