Tech View: Nifty’s weekly bullish engulfing candle signals strength; key resistance at 23,800. How to trade on Monday

February 7, 2025

Nifty formed a red candle on the daily chart on Friday, indicating weakness, but a green candle on the weekly scale confirmed last week’s bullish engulfing pattern. Immediate support lies at 23,430, while key resistance is at 23,800. Given the strong weekly structure, traders should adopt a buy-on-dips approach, said Hrishikesh Yedve of Asit C. Mehta Investment Intermediates.

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