Major Points in Nifty Weekly Chart

NSE:NIFTY   Nifty 50 Index
Bearish Harmonic pattern is created in the Nifty weekly and daily chart . Nifty is taking support from its major trend line from Feb 2016. Major Demand Zone on weekly chart @ 11800-12050.
As i explained in my today's Bank Nifty Weekly Analysis post that I take my trading decision on the basis of price not on the basis of any indicator or pattern.
Let's come to the point. If you see Nifty from 10600 in higher time frem, it is making higher high and lower lows. Nifty is showing time wise correction in the 11280-11400 zone. I believe that Nifty one small correction near 12050 level is pending but once it will sustain below 11280 level then I may think for this point.
Conclusion is that Nifty is in bullish trend all higher time frem. Trade in option writing in the sideways zone and buy or sell Fut when breakout or breakdown happen in lower time frem in the intraday.
Thank You
Trade Well.


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