After breaking channel Nifty retraced to 23% from all time high.
Today it created inverted hammer pattern which is a bearish reversal pattern.
Also there is considerable position in 11500 PUT so if Nifty starts trading above 510 one can go long.
1. ENTRY : Closing Above 1126.70 ( Closing above the Neckline )
2. Minimum Price Target : 1350 ( Adding the difference between highest high made and lowest low during the formation to The Neckline )
3. Stop loss : 900 (Usually, price closing below the second bottom is a stop-loss.) ...
Nifty is under consolidation
- as shown it is going through the yellow rectangle
- And on D1 its going to be a Triangle pattern
- I shall wait till it crosses the trend line
- Considering the world wide markets, I expect the bullish breakout of this triangle
Price is about to breakout from an ascending triangle formed on Balaji Telefilms. Good opportunity for long entry. Enter only if price breaks out and closes above the triangle.
#Target 1: 102
#Target 2: 112
Symmetrical Triangle pattern is formed on ONGC. Wait for price to break out from the triangle. If it breaks out upward, go long. In case of downward breakout, enter the short trade.
Target in case of upward breakout: 217
Target in case of downward breakout: 188
Price is about to breakout from an ascending triangle formed on Sobha Ltd. Good opportunity for long entry. Enter only if price breaks out from the triangle.
#Target 1: 290
#Target 2: 305