Nifty takes rejection at the top, AGAIN!

May 18, 2023

Nifty has taken rejection at the top and seems to be forming a potential Head and Shoulders pattern, which is a bearish pattern. But this pattern will only be validated if price breaks the important support zone of 16800-17000 levels [ Green channel ]. On the other hand, if the price climbs back up and breaks the resistance zone of 18350-18500 [ Red channel ], we might see a strong bull market. Wait and watch would be the word, in my opinion.

May 27, 2023

Note

Nifty is well on its way to break the 18500 level. If it does and is able to sustain above it for a week, the H&S might be invalidated and chances of a new bull run get much higher!