Page 265 - IMDR JOURNAL 2023-24
P. 265
IMDR’s Journal of Management Development & Research 2023-24
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The candle structure is very different if you have studied candle structure the pattern formed
on the Nifty 50 spot is a slightly bullish hammer. Whereas the candle formed on the Gift
Nifty is a long red candle that is very bearish. One thing to observe, the market followed the
Gift Nifty future remained bearish and continued to fall for the next three days.
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Next, let’s look at the chart of 18 May 2023 Nifty 50 has opened with a gap of 106 points
and closed low at negative 0.28%. A long bearish candle is formed on the chart.
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Table 4: Nifty 50 spot on the 18 May 2023 (Primary Source)
Previous % Gap Up/
Date Opening Closing RSI
Closing Change Down
18-05-2023 18287 18129 18181 -0.28% 56.01 106
On the other hand, Gift Nifty futures opened flat positive 9 points, and ended the day with a
(Primary Source) Image 3
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