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.
One might sell Nifty for the coming week with the SL of 11765 and target below 11550. Bank Nifty gave a negative close after 6 weeks which might aggravate the move on the downside. One might want to avoid aggressive positions as the elections get started next week.
*All levels are Cash levels.
Nifty with today's close gave a bearish candlestick pattern on a 'weekly' basis which tells us that it will break 11400 in the coming week and move towards 11350. One may sell Nifty on rise with SL of 11575 and targets of 11400/11350. The Bank Nifty has also given the same kind of pattern and hence the downward move will have help from the banks as well. So a...
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Nifty is looking short as MACD has turned below zero line. Moving averages are above candlestick. Long term support line could be tested before the next upmove. 10900 & 11000 call can be sold keeping 10840 as stop loss for position. Target would be 10540- 10410-10340. 10700-10750 would be the resistance zone to create position. People may play for H&S and might...
Nifty Price is trading at the APEX of the 'Diamond Top Pattern' or 'Symmetrical Triangle Pattern' on the verge of breakout. Breakout can come any side. But if we consider the Negative divergence in the CCI Indicator (20), then most likely the breakout should be on the downside. Confirmation will be an End of Day(EOD) closing below 10745-10765 support zone.
Trade...
The Market has given us amazing short sell opportunity on the nifty. You can sell Nifty at 10880. Keep the stop loss11058. Target is 10333, 10000. As you can see its more than 1:3 risk reward. Rest of the explanation is given in the video.
Nifty seems to have reached the level and could give a good short trade. There are multiple resistence in different Time Frames at 10840 level so it could be a good idea to sell Nifty at this level by providing the SL of 10920. One can look for a target of 10600 which offers a potential of good 240 points and a reasonable risk to reward ratio.
Disclaimer : All...
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