A Clear Inverted H&S Pattern is visible on the Chart of NIFTY INDEX 1 hour Time Frame.
- The inverse head and shoulders chart pattern is a bullish chart formation that signals a potential reversal of a downtrend. It is the opposite of the head and shoulders chart pattern, which is a bearish formation.
- Profit targets in an inverse head and shoulders pattern are typically targeted using the vertical distance between the neckline and the lowest point of the head. This distance is known as the price objective and serves as a guidance for potential upward movement after the breakout.
- This pattern indicates a buy side opportunity in the index of almost 2% (360 Points) from the current market price (19691).
- Resistance Range on Chart - 19725 to 19765 (40 Points)
- Support Range on Chart - 19675 to 19645 (30 Points)
- Resistance Range on Option Chain - 19700,750,800 as per 12 Oct 23 Contract
- Support Range on Option Chain - 19600,500 as per 12 Oct 23 Contract