Nifty has formed a REVERSE H&S pattern but remember before any breakout and retest it may be dangerous because if you see in the case of nifty it has formed the reverse h&s pattern but the trend in higher time frame [15 mins] is not changed [it just halted]. The trend will only be changed after 17780. if nifty forms higher high after that level then only go for long. Target will be 18900. Use trailing sl (7 smma) best. Put your sl to cost-to-cost [it means at which rate u bought futute or share or option] after achieving 50-75% of your target .
FOLLOW MY CHART IMAGE MORE THAN THIS WRITEUP
Our action will be if market opens:
Gap up: Nifty opens gap-up and after sustaining above 17882 on higher high or if u get any retest/pullback then only go for long and Aggresive traders can trade without pullback because that will be good for tomorrow's market.
Gap-Down: Nifty opens gap-down then wait for the lower levels like (17400-500). Then take trade after higher high or lower lows.
Flat: - Buying till 17560 and then market may face resistance (if faced and got rejection then we can go short). if nifty didn't reject from that area then go long immediatly after nifty sustains above 17780.
REMEMBER TOMORROW IS A NEWS BASED TRADING DAY SO BEGINNERS AVOID LITTLE BIT EXPERINCED PEOPLE USE TIGHT SL AND USE TRAILING SL IN RUNNING TRADE [7 SMMA AS Trailing sl]
Disclaimer: This is for informational purposes only. It is not intended to be a solicitation or an offer to buy or sell any security or instrument or to participate in any particular trading strategy. The views and opinions expressed here are personal. The information contained here has been obtained from sources believed to be reliable but is not necessarily complete, and its accuracy cannot be guaranteed. I may have positions in the securities or instruments shared as ideas. Do your own research OR consult a financial advisor for personalized investment advice.
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I can easily say news based trading session are unpredictable and analysis may be totally wrong so remember it.