NIFTY & BANKNIFTYNifty:
Monthly range 11350-10725
Weekly support 11050 resistance 11350/11475/11750
Daily support 11000/10850 resistance 11300
Hourly Butterfly at 11025, if it fails to hold then 10900 likely.
Bank Nifty:
21000 crucial level for any attempt to bounce/reverse back for 22700 and above that rally till 23750-24000
Harmonic Patterns
CNX FINANCIALS & NIFTY PVT BANKSBoth CNX FINANCIALS & NIFTY PVT BANK indexes have made Bearish Harmonic AB=CD which also happens to be v close to their weekly & monthly Ichimoku resistance. Financials could retrace till 10500 while Pvt Banks could retrace till 11500. View would negate if they move and sustain above 11500 & 13100 respectively.
#TCS#TCS CMP 2044
The major patter visible is an ascending channel on daily and the prices are at the lower end of the trend channel. Any break below 1998 we can see further downside. Also, the formation Bullish Harmonic pattern and a channel also form where we can expect a bounce from the zone of 1960 to 1970 SL on CLBS of 1930 for a target of 2000 / 2014 / 2029
Reverse Trading on my analysis is not recommended.
CHART BY HarmonicTrading™
Bearish Bat - InfratelBearish bat formed, and looks like reversal has started.
Short position can be added on further pullback.
** Trade only for educational purposes. Do your own risk management and enter **