Nifty breaks 25,000 support, forms long bear candle. How to trade on Monday

Nifty breaks 25,000 support, forms long bear candle. How to trade on Monday The Nifty formed a bearish engulfing candle on the weekly chart ...

Nifty breaks 25,000 support, forms long bear candle. How to trade on Monday

The Nifty formed a bearish engulfing candle on the weekly chart as it ended Friday’s trading session on a negative note. The index plunged 293 points ahead of a key US jobs report, which could influence the Federal Reserve's decisions on the pace and magnitude of interest rate cuts.

A long bear candle was formed on the daily chart, indicating a sharp downside reversal for the market. The cluster support of 25,000 has been broken decisively on the downside. This chart confirms a short-term top reversal pattern at 25,333 levels, said Nagaraj Shetti of HDFC Securities.