Nifty analysis for 23/05/19 (Election Special)
Nifty has closed 3 days above red line. So upward breakout is confirmed. But day before yesterday it has posted pattern like bearish engulfing pattern, which is downward reversal pattern. Yesterday's dojji has added some value to it. So nifty may come down to taste support on red line which is placed at 11620 for today. Also gaps are usually filled before market moves in the direction of prevailing trend. So we should watch for that. Else it may try to taste all time high of 11883.55. Lets watch.