NSE:NIFTY got stiff resistance around 11860 levels, moving above head of hypothetical pattern will make the pattern invalid and holding above it for sometime will only push stock towards 11935/65/00 levels. If the H&S pattern comes into action, index may fall towards neck line of the pattern and if breaks and hold below neckline may push further down towards 11450 levels.

SUMMARY-

Holding above 11860 ---> 11935 ---> 11965---> 12000

If H&S is valid then from current levels expect fall for targets 11725 ---> 11660 (neckline) --->11625
Consider 11625 as crucial support because --->
1. The first reversal pattern has failed from the same level.
2. It has gap up formed on 20th may (exit polls), which will act as support and the height(target) of the head of second continuation pattern.
3. Again, at the same level it may form double bottom or ugly triple bottom.


Holding below 11625 for sometime----> 11450 [considering the height(target) of head of H&S of red color pattern and will fill the gap]



REGARDS,
SHARMA YOGESH

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