Nifty forming Doji on Daily Chart

NF in Daily chart forming Doji?

Nifty forming Doji in Daily chart. Many times Doji has given a bullish scenario in daily chart.
Nifty stopped around the 80% retrace of the last rise from 4531 to 4801 and thus attempting to make a ST reversal.
In the opening session, the downtrend continued to assert itself and Nifty drifted lower despite its attempt to move above Day pivot-4642.
Once it reached 4588, the hour TA showed the first glimpse of "intraday changes" with a hour close near the highs.Subsequent drops became small retracements and Nifty closed near day's high and above DLEma.
Holding above 4590, it could attempt to break past the channel. How high it could go...So far only the Hour TA has confirmed a ST reversal. It is yet to affect the day/ week TA.
If no reversal takes place in this month, January may show a deep cut.

12-45 pm IST Update

Huge intra O.I. addition in NF above 15 lac plus,needs now at-least some intra cooling off is feeling here so it will be interesting to see from here how Nifty will play around weekly 5Ema,if it shall try the same..

1-00 pm IST Update

4730-4750 is the profit(full) booking zone for those who have taken long.

2-20 pm IST Update

Lead Indicator(Stochastics 5,3,3) is showing overbought in hourly NF chart





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