Everytime the BNF tests this resistance trendline (being followed since april!) comes back to test this base at 21000. same result this time too,hopefully..
Brilliant piece for positional traders only!
besides heavyweights of the index look quite weak and exhausted. hence we might see this happening much sooner than later!
CLASSIC accumulation pattern bounce! buy for a target of 350 first,then 550..
very convincing long term buy here too and as i have published before since 200 levels.. looks ready for the big move here after some major consolidation on the weekly.
ZOOM out for longer term targets..
Motabhai at a very important juncture facing overhead resistance at 2200 along with rising TL support from covid lows! The next few candles price action are going to be decisive for the nifty. personally feel we'have made a top. if opens gap up tomorrow or day after in the red box! immediate selling pressure will start..
If we break this TL,then supports on...
AUG 2020 monthly closing very crucial! A close inside the channel and we should be back to top of channel around 1700 by next year..Immediate spring action should see us at 1250 by next month itself
ELse if gets rejected this time then,back to base 750- 800
broken the rising trendline from the Nirmala Sitharaman candle and consoildating in small range.. with double top forming today.
short nifty with a stop at 12045.
also, nifty midcap showing clear signs of bearishness meaning advance decline ratio will deteriorate going forward.
initial target at 11857/800 followed by 11662 which seems like the region of good support