Bullish cypher is a harmonic pattern which must be supported by the long term trend line.
Today’s sharp fall in NIFTY FUTURES led to an another formation in the form of a bullish cypher.
Moreover, long term trend lines also providing the major support area and also 100 DAY SMA is also looking to hold the prevailing trend.
So my opinion is to buy nifty fut at dips around 9950-9940 levels and maintain a stop-loss at or below 9900 which is also 61% retracement of previous bottom of 9700 and by next month we can expect nifty to test 10300-10375 on the upside.
