Market status continues to be bearish. This time, I am giving a monthly chart of NIFTY. The pattern formation pointed out is clearly bearish.
On the daily scale, the pullback, witnessed looks to be near the fag end. The reason is the engulfing pattern formed in the 30 Min chart (see inset). It NIFTY does not take above 5500; we might see selling pressure starts from Monday.
Additionally, if it continues beyond 5348, then we might witness fierce selling pressure.
