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Nifty outlook - Third gap up opening ahead of neckline resistanc

NSE:NIFTY   Index of the 50 listed India companies
Nifty             advanced today in line with positive global cues and also marked its third gap up opening of the current rally from February lows.

For me, a third gap up opening is usually a sign of reversal in a sense that "dumb money" has entered into markets. This view would gain further credence if the index fails to take out/sustain above inverse head and shoulder neckline level around 8000.

A bullish break above 8000 on day end closing basis is needed to convince me that bull run is likely to continue.
Hi I believe your instinct for 'third gap up' theory may not be wrong. NIFTY has completed bearish Butterfly Pattern. We may see a reversal tomorrow itself.
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