Double Bottom can be seen with 2 attempts at breaching the support at 295 resulting in large volume Short Coverings later.
Buy above 305 for 310, 315, 320, 330 with SL at 295
Short below 290 after confirmation of support breach.
Using the concept of Elliot waves and NEO waves, considering the Fibonacci retracement and the trend channel, according to my analysis nifty will hit the levels around 10700, the last correction was nothing but a bear trap, i have already bought nifty calls for 10700CE while market was down.
Disclaimer- This is just an analysis please take advise of your advisor...
DESCENDING TRIANGLE FORMING IN HDFC BANK
BUT WAIT FOR IT
BEAR-TRAP IN PLACE
BUY HERE MIGHT SEE BOUNCE BACK BEFORE CLOSING TODAY
IF CLOSES ABOVE 1920 THEN
WE WILL SHORT @THE TRENDLINE WAIT FOR IT
Huge CE OI created on Friday in expectation of very positive OPEC outcome.
Though Oil Prices are rising, things could turn around fast.
If Conditions are met then a huge short covering rally wiil be seen.