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Nifty ends below 16,900, Sensex falls 638 pts; auto, power drag, pharma gains
The Nifty lacked follow through buying on October 03, after having formed a bullish outside bar & an Engulfing bull candle on September 30.
It witnessed downside pressure throughout the day & ultimately formed an Inside bar pattern on the daily chart.
In terms of the Fibonacci retracement, it retraced nearly 78.6% of the Friday’s rise where the key Fibonacci level acted as a support near 16840. The weekly chart shows that the index has once again moved down to retest its key weekly moving averages.