Nifty formed Double Doji

NF Daily Chart

The double doji formation is neither a bullish or bearish formation, but represents a condition in which the open and close for the first session are the same, followed by a second session in which the open and close are again the same.
The Doji hints us that the market is in a state of balance of powers: the buyers strength has run out but so is the sellers'. So this is a state of temporary calmness before a major move. This pattern is usually found when both sellers and buyers are exercising the same pressure.
Double doji refers to the equilibrium state in which buyers and sellers are. Thus, typically it can be interpreted as a sure signal that a trend reversal will occur.
Mark the boundaries of theses "double doji" for a confirmed breakout or breakdown.

Today market corrected to 5351 and reached the high of 5421.
Initiate long @ 5340 with Stop Loss Price of 5320. or Initiate short @ 5390 with Stop Loss Price of 5420.
5425 is remaining a stiff resistance but breaking out of that level will take Nifty to 5468-5480. If bullish stands sustains then time to fasten belts. NF can move upto 5556 or fall from 5425 level. SBI good results will also boost BN above 10660.


TT Data has been updated.

Before Trading please see the Golden Rules and TT Data