As per my view, NIFTY is forming dark clouds on weekly time frame if we get confirmation below 15700
and we can see double top of nifty also and the neckline is around 15492
we can see targets of :
In today's Trend it has been observed that the Script has touched and faced a hurdle at this Trerdline near 470 and could not sustain. the Stock has made Double Top and Double Bottom Format so now it's positioned at a stage where it can give a Breakout or Breakdown.
So be Long if Crosses 475 for the Targets of 480-485-490 Targets.
Go Short if Sustains below 456...
Weekly chart - Strong buying pressure
Daily chart - Potential double short
Hourly chart - pushing back to tesst top resistance once more
If it rejects this top level again we are in a good way for Double top setup
We will have to wait and see how price reacts to the 143 price level, If you want you can play agressive with a shot pending order on the 143 level...
Charts look weak with a Double Top formation. Near term price levels of 1030. In case the neckline breaks further downside to be seen.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.