The chart is showing frequency at the down sloping PF. The prices broke the UML and came back again start trading below it. It may have shaken the weak traders today and may fall till ML. It offers a good opportunity to trade it with small SL with risk and reward ratio of above 4.
Entry current Price 250
SL 254 closing
Risk/Reward Ratio 4.3
Current CMP is at strong support turned resistance.
Support levels at 373 / 367
If manages to break current CMP upwards and maintains, then targets marked in blue are possible
Targets - 400 / 407 / 418 / 425 / 436
NIFTY HAS BEEN FOLLWOING AN UPTREND SINCE MARCH-2009 with Lows touching the trendline on Feb'2016 and Oct'2018. Interestingly a Round Top is formed since Oct' 2017 with a flat bottom @ 9967 and the highest TOP @ 12040. If Nifty has to continue Upward then it has to break its latest highest top with a heavy margin else the doubt continues.