Bank Nifty - Head & Shoulder (Head - 38402)

Bank Nifty could be unfolding head & shoulder chart pattern in 38155 - 38402 zone. The pattern is yet not formed & have to complete by reversing down from 38350-38402 to the neckline support


Trading Strategy
Trade will trigger only when neckline is breached which is a rising trendline marked as "Neckline" Index has to fall below neckline which is 38200 approx & later has to even fall below 38155


Always know your levels
38150-38160 was the important zone suggested yesterday in the last idea-Bearish Bat. Today morning while opening it had a fall from 38344 to 38155 which took support exactly in 38150-38160 support zone. Our Sell was suggested below 38150 which was not triggered.


Stop Loss
Above 38402 Highs ( Note- Pattern is not completed yet)

Target
Target 1 - 38000
Target 2- 37700

Thank You

Comment:

6:22 Hrs / 11th Aug 2021

Closed @ 38287

Good Morning

Looking at Global Markets - It was all bulls & major indices closed to 2 - 3% upside from previous close which can impact the opening session of our markets.

It could be gap up opening & if it opens above 38402 / 38403 then no more this pattern will be a head & shoulder.

In that scenario as well, even-though it opens gap up above 38402 / 38403 - Don't forget key support zone 38150-38160 which will be important support zone & should be watched carefully for short term moves considering weekly expiry.

Thanks

Trade closed manually:

21:05 Hrs / 11th Aug 2022


Idea failed to trigger below 38200 (Neckline & critical level - 38155) & pattern spoiled.