NIFTY in consolidation after hitting high near channel top 18115
down side 17700---17800 is the support zone based on following analysis:
support :
20 ema : 17750
critical trend line (white) support near 17740
gap to fill support : 17688
note : LRHR (Low risk high reward opportunity ) will be finding selling opportunity near channel top
and finding buy on dip...
Bank nifty had broken all the previous supports today and is expected to continue its down trend. As bank nifty is overly sold, a pull back rally can be expected before it continues its down trend. Currently, Bank Nifty is sell on rise mode and one can expect a reversal from the marked harmonic level.
For almost 2 years stock is stuck in marked range.
This accumulation is preceded by downward move.
Hence we can conclude that it is accumalation phase. Volumes also increased durin this consolidation.
Stock exactly blunced from the earlier breakout levek of 134 from where kt gave multifold returns.
Expecting a consolidation breakout.
Longer the consolidation...
Stock is consolidating in a narrow range.
All chemical stocks have moved, move is pending here.
Formed a morning star pattern on lower end of the range.
Volumes have picked up.
Higher High Higher Low formation visible on larger charts
Good consolidation seen on 4 Hourly Chart of Gold. Biased seem to be Bullish. Will have to wait till breakout before initiating another long trade. If we do see breakout, the price might head till 1315 levels. Right now Patience is the key.
