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Muku1984
Aug 4, 2019 5:47 PM

Nifty next support 10600, completes triangle harmonic pattern  Short

Nifty 50 IndexNSE

Description

Nifty is forming a triangle pattern. This triangle pattern Nifty has followed earlier as you can see on the chart. Nifty normally retraces from 78.6 % Fibo levels, but a triangle harmonic pattern is very strong. And if Nifty sticks to this harmonic pattern. Hence, this triangle pattern ends at 10600 levels, which Nifty will complete its triangle pattern. However, if Nifty breaks 10,600 then the next support is 10,000 odd levels. On the option chain already 10,000 strike price contracts have started seeing action.
Comments
scalp07
any other supporting data?
Muku1984
@scalp07, See the FII sell off data and advance to decline ratio on the broader markets. Look at option chain data.
scalp07
@Muku1984, yeah fii selloff is pain
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