It has formed an inverted bearish Cup and Handle. Of course, handle is still in the making. This chart pattern tends to trigger a bearish price movement. A limited fall in price up to 1450 is expected. This is based on depth of a cup. If you plot daily trading volume from 10th Jan to 22nd Jan then it supports or confirm the chart pattern.
Nifty has break all its major resistance levels and trying to test its major high levels.
With Technical levels it looks like it is trying to make a Cup with Handle Pattern. So Be cautious with your trades.
This Diwali we might see the new levels of Nifty. But still who know the bad news.
So have a strict SL of 11470-11490 Range.
Or buy if it gives opportunity at...
Nifty is a cup and handle pattern and it looks like we can expect fresh new all time high, i might be calling it a little early but risk to reward begs me to keep long. Buy at CMP and expect nifty to break targets 11700 then 12000 very shortly
CHART BY HARMONIC LEARNING AND EARNING
LONG RANGE 1725 TO 1735 SL 1597
T1 1952 BOOK 75% T2 2000 BOOK BOOK ALL OR USE TSL
A SMALL RESISTANCE IS AROUND 1820 TO 1840
VIEW IS BASED ON #CUPHANDLE PATTERN AND POSITIVE RSI BREAKOUT