Inverted Head & Shoulder Breakout in Nifty

NSE:NIFTY   Nifty 50 Index
As we described in our last article, Nifty has reacted in favour of risky players. If we see the chart then Nifty is reacting from every level either it is Support or Resistance and our all targets are done. In Bank Nifty , the price has given breakout to channel and given good closing above resistance. Let's see the detailed analysis below.

Technical Overview of Nifty: As mentioned previously, the entry price of Nifty is 11300 and the reason is that Nifty has taken support from 11100 two times with confirmation of Morning Star . If you are an option chain analyst then you could easily identify bullish option data of Nifty . On the last trading day, Nifty has given Breakout to Inverted Head & Shoulder with good volumes. However, Nifty has closed exact below the Resistance i.e. 11700. We are expecting small correction here till 11600 i.e. previous top. As per Head & Shoulder target is big i.e. above lifetime high 12900. As per weekly & monthly option chain analysis, 11600 is strong support and Nifty is ready to touch 11900.

As per our view, Nifty traders can buy on dips till 11600 or wait till close above 11700. Keep stop loss of 11400 on a closing basis and hold for the target of 11800/12000/12200/++.

Add your own analysis too, this is only for study purpose.

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Comment: Target 1st done
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