Bearish Movement Expected

May 9, 2023

This description is only relevant if nifty forms a head and shoulder pattern in 15min chart. Nifty should again take a reversal from 18240 support level and go till 18285/18300 and reverse till 18200 to form a head and shoulder pattern and expect a fall in nifty. 1st tgt 18150. Then 200 EMA may act as a support then may become resistance if levels are broken. You can expect bearish movements after achievement of 1st target. Nifty then can reach its support of 17800.

May 10, 2023

Trade closed: stop reached

After a fall from support level of 18200 Nifty took a reversal and broke resistance of 18200. Clearly Strong buying in Reliance and in NBFC stocks the reversal has taken place. WIll wait for the next pattern to form