Candle formation for Nifty on 16-07-2012 – Giant red candle
with large real body, no upper shadow and a large lower shadow. This indicates
a strong downward trend. However we need to keep in mind that market took very
nice support as shown in the daily candle chart.
Nifty Hekin Ashi Candle for daily chart:
Heikin Ashi candles on hourly chart – Observe how nicely the
doji [following the hollow candles] provided an indication of the reversal. Following
which Nifty headed down and again took support near the previous low at 5217
and seemed like bouncing. But this is yet to be confirmed by the Hekin Ashi
candles.
Nifty Hekin Ashi Candle for hourly chart:
This infography is really nicely presented.
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