Nifty Forms Bearish Engulfing Near Swing High

The Nifty formed a bearish candle with a lower high and lower low, indicating continued profit booking. (Photo: Envato) Show Quick Read Summary is AI Generated. Newsroom Reviewed

On Nifty’s weekly expiry day, the session began on a positive note, with the index swiftly moving above the 25,300 mark. However, it failed to surpass last week’s high of 25,331. Soon after, selling pressure emerged, dragging the index below the previous two sessions’ lows. As the day progressed, the intensity of selling increased, pushing Nifty to an intraday low of 25,060 near the 20-day moving average (DMA). Although the index found temporary support at this level and staged a mild recovery, it eventually settled with a loss of 0.32% at 25,145.50.

The Nifty closed below the previous two sessions’ lows an