NIFTY IT — A Major Inverse Head & Shoulders Is Taking Shape 👀
NIFTY IT is showing a potential Inverse Head & Shoulders (IH&S) pattern on the weekly timeframe.
The structure is quite clear — a left shoulder around ₹27,500–₹28,000, a deeper head near ₹25,700, and a right shoulder developing around the ₹27,500–₹28,000 zone.
The key level is the ₹32,000 neckline.
A decisive breakout and sustained move above ₹32,000 could confirm the pattern and potentially open the way toward the ₹38,000+ zone, based on the approximate measured move.
But I’m not anticipating the breakout.
Breakout → Sustain → Confirmation → Follow-through.
Until then, this remains a developing structure.
What makes this chart interesting is that NIFTY IT could be quietly building a major reversal structure after a prolonged period of weakness.
Now the market has to prove it.
₹32,000 is the level to watch. 📈
NIFTY IT is showing a potential Inverse Head & Shoulders (IH&S) pattern on the weekly timeframe.
The structure is quite clear — a left shoulder around ₹27,500–₹28,000, a deeper head near ₹25,700, and a right shoulder developing around the ₹27,500–₹28,000 zone.
The key level is the ₹32,000 neckline.
A decisive breakout and sustained move above ₹32,000 could confirm the pattern and potentially open the way toward the ₹38,000+ zone, based on the approximate measured move.
But I’m not anticipating the breakout.
Breakout → Sustain → Confirmation → Follow-through.
Until then, this remains a developing structure.
What makes this chart interesting is that NIFTY IT could be quietly building a major reversal structure after a prolonged period of weakness.
Now the market has to prove it.
₹32,000 is the level to watch. 📈
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.