Nifty Weekly Technical for Week 16 August

After surging to fresh 52 week high of 5,492.30 on very first day of week Nifty witnessed a sharp sell off on Tuesday and Wednesday on the back of global sell-off. However on Thursday and Friday it managed to recover from week low of 5,372.45 and finally closed at 5,452.10 gained 0.23% w-o-w.
Nifty has taken support at 20 DMA in the correction which came at Tuesday and Wednesday.
On Daily Chart we are forming an ascending triangle formation which is having positive implication as it is …
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