What is happening?
Based on previous instances of double bottoms in the Nifty, there has been a trend of Nifty rising a certain percentage and then falling.
For example, in the first instance, Nifty rose 3.47% but then fell 4.39%.
In another instance, Nifty rose 2.88% but then fell 4.39%.
Therefore, based on historical data, there is an expectation that Nifty may rise by approximately 2.29% after the next double bottom breakout, calculated as 3.47% - 2.88% = 0.59%, and then subtracting 0.59% from 2.88%.
It is important to note that this is only a prediction based on historical data and not a guarantee.
Additionally, if the Nifty falls, it is expected that the new support level would be 16500.
Based on previous instances of double bottoms in the Nifty, there has been a trend of Nifty rising a certain percentage and then falling.
For example, in the first instance, Nifty rose 3.47% but then fell 4.39%.
In another instance, Nifty rose 2.88% but then fell 4.39%.
Therefore, based on historical data, there is an expectation that Nifty may rise by approximately 2.29% after the next double bottom breakout, calculated as 3.47% - 2.88% = 0.59%, and then subtracting 0.59% from 2.88%.
It is important to note that this is only a prediction based on historical data and not a guarantee.
Additionally, if the Nifty falls, it is expected that the new support level would be 16500.
Comment:
Rise of latest double bottom pattern, 17300 might be the resistance for the day