AAKASHAYA PATRA WEEKLY MARKET OVERVIEW:04.07.2021

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Both Sensex and Nifty made a fresh life-high (Sensex – 53126 & Nifty - 15915) on Monday but candlesticks formed a Bearish Opening Black body Marubuzo completing a Bearish Belt hold on Monday. Due to the above mentioned bearish formation, Nifty continued to drift lower until Friday, which saw a green body Spinning Top with a long lower shadow suggesting buying at lower levels. Friday saw the daily charts completing a 2-day Bullish Harami pattern, which requires confirmation.

On the weekly formation, both the indices have formed a small Opening Black body Marubuzo but the small size of the body suggests more of neutral forformation.On the 2-week formation, it is a Bullish Thrusting pattern, which is a Bullish continuation pattern. Thus candlestick pattern suggests more upside and the short term target of Sensex 58818 and Nifty 17355 as well as the higher timeframe Target as per the long term Pattern formation remains intact at Sensex 79394 and Nifty at 23351. The above mentioned targets will remain in contention as long as the Sensex remains above 47204 and Nifty above 14151.


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