The price is nicely set up for head and shoulders pattern in nifty on the hourly chart. With crude oil price coming down below 100$ today and positive price action in the index we can see bullish move on the upside in Nifty soon
Disc: Not a recommendation to trade
Price retested support recently and it happens to be 200DEMA, with the confluence of both strong support and 200DEMA it should be very less probability that price will break support and bounce might come from there to push the price to resistance at 1472.
Not a recommendation to trade
Price is nicely set up for head and shoulders pattern in heromoto. we can see the dip in volume as head was emerged and rise in volume as next shoulder was forming. A classical textbook example of Head and shoulder pattern coupled with price volume analysis.
P.S. Not a recommendation to trade
As per weekly levels, ICICIBank is poised in the middle, next few sessions can tell us where the price is heading, but one thing is for sure in intraday trending move is very difficult and many whipsaw might come
The volumes on high bearish days in Index were very low and the price is back at the Break Out level making this a pullback setup. Price is now well above Breakout level, this gives a high probability, high risk-reward opportunity
Reliance had good Q3 2022 results, the price has not reacted much on high bearish days, looks like it is retesting 200DEMA, and volume activity has picked up. Up move can be seen here. This gives a very high Risk Reward opportunity.
Chambal Fert is showing strong relative strength and did not move much on the downside on high bearish days, this can move up pretty strong without much resistance
Recently Asianpaints tested it 20DEMA, and gave breakout through volatality contraction patterns. Now price is at Breakout level again, is it a retest of breakout? only time can tell.
Low Risk Reward opportunity setup can be formed if price moves up from here
Markings show that in Lupin Head and shoulder pattern might appear last two candles have good volumes on bearish index day and red candles have very less volume and size on Jan14,17. Potentially ready for upmove
The markings show that in Mphasis head and shoulder pattern can emerge which gives high reward and low-risk opportunity.
Not a recommendation to trade just an opinion
