Summary

• A bearish engulfing pattern has high significance when it occurs on Nifty Monthly Chart
• Since the year 2004, the Bearish engulfing pattern occurred by 8 times. It is spotted in the top formation of Nifty
• However, the post-implication of bearish development varies in degree
• Sometimes Pain in the index was prolonged and in some cases, it was very brief up to the next month only
• In Week gone by, Index was up by 1.74%. Index retraced up to 38.2% of the previous fall, it can be considered as resistance
• The index has formed a dark cloud cover pattern which is a bearish reversal sign
• So, fresh upside movement can be expected above the 18270 level
• Moving below the 17970 level will trigger further negativity

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