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I SEE ON 1 DAY ICICIBANK CHART THERE IS AN INVERTED HEAD AND SHOULDER PATTERN AND THE PRICE ACTION IS UP SIDE THE TREND IS BULLISH.
MY TARGET IS = 690, AND 740.
HERE I USE A 20 EXPONENTIAL MOVING AVERAGES WHICH DECIDES THE RIDING TRADE. IN THE BULL MARKET.
On a Daily TF interesting swings have happened during the March month and volatility was huge which was witnessed during the month end expiry
Typical M top pattern formation and the same is valid
Though the closing was above the 14461 looks like some covering happened at last moment
Buying seen during past two months were as not prominent as the selling...
On Weekly Time frame nifty is adhering the Trendline and looks like it has just managed to stay above it
21 Day EMA can be tested which is near 14k if the trend line breaks on weekly TF
Whereas RSI has already given a signal
Lets see whether price catches upon that
After a long Uptrend, Nifty seem to have halted for a while and haven't crossed High of Feb month and have been reversed from that Supply area.
Nifty forming an bearish pattern (some call it Inverted Hammer or Shooting Star) on Monthly Time Frame
Bearish confirmation only when it breaks 13660 else sideway movement to continue
A change in the FII view seems happening. They are gradually getting more bearish (atleast in short term).
The week saw huge volatility of around 800pts. After opening at 10328 levels it saw a min of 9544 and closed at 9958 recovering around 400 pts. The low of 9544 is a strong support for this week and also the month. On the higher side 10150 is where resistance...