This setup is on daily timeframe.
Stoploss at 0.38 level i.e. below the resistance line of pattern which should act as support now.
If the 0.61 level is break the we will get the confirmation that the trend is changed.
The uptrend will begin and 52 week high will be our major resistance and the target too.
Because it's 52 week high it's strong resistance,
market view is down...bear pressure is seen in the market..the trend clearly bend....within dec month we can see nifty break the trendline and it could retrace upto 23% fibonacchi.......2000 point to be fell by december
if u like my work follow me for more analysis
do like the post NSE:NIFTY
Everyone draws their support and resistence lines differently, this is my channel of support and resistence. As long as multiple buttoms and tops touch the channel, it's as good as anybody elses guess.
What's important is to look at where this price is compared to the previous weeks candle. The fibonacci I drew is from the Low to High of last week. So these fibo...
The share has increased from 1900 to 2400 in the past 1.5 month (i.e. a whopping growth of 30%+)
SHORT BELOW 2270
The share is primarily because of below mentioned reasons :
1. Broke trend line which indicates fall.
2. Crucial Fibonacci Support at 2228. If it breaks, Free fall.
3. Reversed from overbought levels as per Stochastic Oscillator, due correction...
Go long in IFCI.
As per Fibonacci analysis, it has shown 100% drawdown wrt previous fall and has maintained to close above 0.3 fibs ratio.
Expect further upside to 26.3 levels in 3-4 trading sessions with a SL of 25.1