Stock Market Highlights: A long bearish candle appeared on the daily chart, signaling minor selling pressure emerging from recent highs. Nifty is currently testing resistance near the downward-sloping trendline around 23,800 levels. Despite this weakness, the broader bullish structure of higher highs and higher lows remains intact on the daily timeframe. The current decline may be forming a new higher bottom, but confirmation is needed at lower levels to validate the reversal.
– Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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