NIFTY is trading in a falling channel as we could observe from the chart. Immediate support lies at 11615. Fibonacci extension (1.618) of previous upswing between 11769.5 and 12000 (as marked in chart) falls at 11626 which more or less comes in at same level.
Technically, even though we could see patterns like Head & Shoulder and Rising Wedge whose targets run...
Rounding Top pattern observed in Nifty. Neck level is at 11615, which if the index breaks decisively, can be considered for Short selling. Target of the pattern comes at 11127.
We could also find that 61.8% Fibonacci retracement level of the previous swing falls at 11164. Hence if the index falls, 11127-11164 would act as a strong support area. But for now 11615...
Nifty Trade Idea-Nifty Is making Lower Highs and Lower Lows on Daily Chart, Near 11830 Nifty Has strong Resistance of Channel+ 200 Days EMA on 30 Minute Chart +50 ays EMA Resistance on 4 Hour Chart + Horizontal Resistance near 11840
Monday nifty could give a pullback to 11900 and then push down to 11732. as we know 12000 is a strong supply zone. If 11900 closing up then we will see more consolidation between 12000-12050 to 11771 in this upcoming week.
Monday market could open gap up to 11956 if sustains that level then move up till 12150. Also 12000 is a strong supply zone if it breaks below 11900 then it can create a perfect AB=CD pattern donwn to 11616.
Rising Wedge pattern observed in NIFTY. Pattern looks to have confirmed suggesting a bearish outlook. Target depth of wedge is around 420 points. With confirmation of pattern occurring at 11950, Target of the pattern comes in at 11530. Though, a retracement towards the pattern cannot be ruled out. Also be aware that 11616 could offer a good support.
BANK NIFTY: WEEK-TECH-SHEET->27th May 2019 to 31st May 2019
Bank nifty moves around +1160.55 pips from 27th May 2019 to 31st May 2019, in which bank nifty break last week 20th May 2019 to 24th May 2019 top 31705.00.
BANK NIFTY: Breaks April Top: 30669.80