IN HOURLY CHART IT HAS FORMED WXY PATTERN WHERE Y WILL BE EQUAL TO X LETS SEE
Levels are on the chart
Expecting the stock to break the supply zone.
It has shows reversal from the PRZ of a Bullish Harmonic AB=CD. It can retrace back to 1980-2000 as long as it does not breach 1900
Nifty IT had made a Bullish Harmonic 3 Drives Pattern (a pattern not found so regularly in our markets) which lead to a sharp rally and a higher low confirmation. It is now approaching a Falling Trend-Line which coincides with the PRZ of a Bearish AB=CD. As per Ichimoku also 16000 has a weekly resistance which might hinder/pause the trend. A breakout above it will...
Reliance Industries has formed a clean bearish engulfing candle today. any upside possible will be close above todays candle only Daily Kijun test is possible which is around 1520, since 20 dma is near by we might see some support. todays move shows bearish setup on daily charts
Still, my Bank Nifty 32330-32400 target is pending. Maybe it will test this level tomorrow. I will avoid short positions and also both side Option writing is safe in a sideways zone not in a strong trend. Please find the supply and demand zone levels in the chart.
Nifty Analysis As I have mentioned in my earlier posts Nifty target 12195-12238 zone target is done. Tomorrow I will buy Nifty if it will sustain above 12240. I will avoid short even if it will trade negative. After so many weeks I may not make any position in option writing because both side option writing is safe in a sideways zone. Supply and Demand Zones are...