Both Nifty & Bank Nifty are at an Ichimoku Price & Time axis equilibrium today with Nifty probability of a Double Top and Bank Nifty at a Bearish Harmonic Reciprocal AB=CD. Nifty has support at 11750 while Bank Nifty has support at 24650. Breach of both could lead to further downside till 11400 & 23000 respectively. View would negate above 12100 & 25200...
I come across many times when people fall in trap when they see breaking of long term support or resistance in intraday by merely seeing on small timeframe (TF) like (1-5 mins). I suggest those friends to wait for the confirmation of such breakout on higher timeframe like 15-30 minutes atleast. In this example I would like to make you understand this psychology...
Currently sitting at a support zone of 22280-22300. Break below this can take us to 22090. Above 22300 we have 22505, 22650. Have a look on the chart for the support and resistance levels. Share your opinion in the comment section below, and like and follow for daily market analysis ! Professional Trader | Experience: 2.5 Years NOTE: The above mentioned views...
SOUTHBANK has created the double bottom before and now beautifully retested the support level again.
if a stock fails to break it swing high in an uptrend or swing low in the downtrend then there are higher probabilities that it will reverse.
MULTIPLE CONFIRMATIONS GIVES CONFIDENCE AND APPROVES STRONG TREND 1 RUPEE STOP 4.5 RUPEE TARGET RISK : REWARD = 1 : 4.5 FANTASTIC TRADE NSE:CIPLA
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1) Prior Trend: For the double top pattern, the prior trend must be up- trend for several months. 2) First Peak: Normally, this peak will be higher peak of current trend. 3) Neck Line: From the prior trend, neck-line should be 10% to 30% normal case. The lows are sometime Rounded or drawn out a bit which can be sign of low volume and low demand...
Bajaj Finance : M Pattern found. CMP: 4049.95, Demand zone 3871-3819. below 3800 long term bearish. 4310, 5000+ Targets for upside if not close under Demand Zone. Education Purpose Only
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After making a double bottom it is now attempting to complete the Bullish Harmonic Dragon Pattern which suggests levels of 490 and 575. The view would go wrong if it sustains below 420. Double confirmation is weekly close above 440
There was double bottom formation and it gave wonderful return after that. According to trendline too there was breakout. Now it is at life time high. Any correction would give buying opportunity