Nifty on the daily chart made a bullish engulfing Candlestick pattern. Bullish engulfing candlestick pattern is characterized by previous candle being a bearish candle (Nifty made Gravestone Doji) while opening should be below previous candle while close should be above prior high which is evident on the chart. As we earlier signified the importance of trading zone that we are into where there is a war for a clear move. Bulls today managed to hold lower levels of 8170 while bears have strongly hold 8250 on higher side.

What’s interesting is that we have touched 61.8% retracement today in Nifty future and Spot.