NIFTY Analysis: Double Top Pattern and Support Zone

Feb 12

NIFTY is currently in a sideways zone, and a double top pattern seems to be forming, but confirmation is still pending. The marked zone on the chart, 21635 to 21515, could potentially act as a support zone for NIFTY as these are Fibonacci levels.

Speaking about the double top pattern, if the price closes above 21126, this pattern will become invalid. On the other hand, if the price closes below 21130, it will confirm the pattern, potentially marking the beginning of a downtrend in NIFTY.

For now, we will wait for a reversal from our marked support zone in NIFTY without taking any action.

Feb 13

Note

Nifty 21745+

There's a minor obstacle around 21830-21860

Once it surpasses, we'll turn more bullish

Feb 14

Note

Our support zone ranged from 21515 to 21630. The Nifty dipped to a low of 21530 and is now trading at 21850+.

Feb 19

Trade closed: target reached

Nifty reached a low of 21530 and surged past 22100, gaining over 550 points. It's also close to the high of 22125. Profit booking may be expected, but the bullish trend could continue if it closes above the high.