nifty - a typical head nd shoulder pattern formation
a head and shoulder in nifty is visible with lower low lower high formation.
in intraday today as we broke swing low of 10950 we saw a fast down move hence breaking trendline support
now going forward what possible trades can be taken?
one simple strategy can sell all bounce with 11160 sl for the target of 10100(final target) but as we know market doesnt move in a linear way ... we will break our trade based on rsi (will use daily nd 75 min charts).
note-
also for investor - does this mean we r going to exit our long term portfolio - my answer will be no as this is just a trading view - it will happen its not guaranteed - if u r long term investor keep adding on dips (only for index etf investor)- remember fall is best opportunity if u r a long term investor.
in intraday today as we broke swing low of 10950 we saw a fast down move hence breaking trendline support
one simple strategy can sell all bounce with 11160 sl for the target of 10100(final target) but as we know market doesnt move in a linear way ... we will break our trade based on rsi (will use daily nd 75 min charts).
note-
also for investor - does this mean we r going to exit our long term portfolio - my answer will be no as this is just a trading view - it will happen its not guaranteed - if u r long term investor keep adding on dips (only for index etf investor)- remember fall is best opportunity if u r a long term investor.
Comment:
9:49 am price 108334, 10825-10827 support - if breaks can show a level below 10800
one can book small part profit or increase sl to cost or as per risk reward
one can book small part profit or increase sl to cost or as per risk reward
KA
time -9.17 am cmp 10874