Nifty now at a Bearish harmonic AB=CD, for further upside it needs to sustain above 11200 else some profit taking of this whirlpool swing is coming! Also near a thick Kumo resistance. Take it easy till not sustained above 11200 for fresh upside. Enjoy the burst move, take a chill, enjoy the weekend.
Nifty is trading near daily support of 10925. If it fails to hold 10850 (closing basis) then next major support comes in close to 10400. Above 11000 we can expect short covering / rally till 11125/11250 with major resistance at 11350.
It has reversed from a bearish Gartley PRZ in daily time frame. As per Ichimoku study a retest of Kijun/Kumo appears possible which coincides with the Harmonic Trading Pattern retrace expectations (56000-55500). The view would go wrong if it sustains above 58900 on closing basis.
It has reversed from Weekly support levels and is now consolidating between 1030-1000. It could go on to test daily kumo resistance at 1060 and Weekly Kijun resitance near 1100 provided it does not breach and sustain below 1000.
In daily time frame its attempting to enter into Kumo with a probable IHS formation. In weekly time frame its attempting a C Clamp structure. Has good support near 570-580 and immediate resistance at 605-610. Above that 675 is the next major resistance.
In both daily & weekly time frames it has breached through support of 2060-2090. Going forward until price does not sustain above those levels it could further slide down towards 1925-1900, where it also has a Bullish Harmonic AB=CD PRZ. HDFC has a lot of weight in the Nifty index and has now started showing signs of a correction like other stocks
Cipla (Monthly time frame) is close to a breakdown level 470. Sustaining below that (monthly closing basis only) will see further acceleration in downtrend. The next major support is at 425-400 below this level.
Nifty is very much within the expected range, and as expected could not go beyond 11100 on Wednesday. For the day 10925 looks like a good support & It could now start another move from here for 11200-250 as long as it can stay above 10850.
Hindalco has reversed from a Daily TF Bullish Butterfly PRZ which is also a Monthly TF Ichimoku support for it. If it sustains above 175 on closing basis then it can retrace till 190 approx where resistance is found in all Daily-Weekly-Monthly TF.
For the 5-6 trading sessions it looks like #nifty could remain range bound between 10850-11300, immediate short term support/resistance levels are 10925/11100. Not expecting too much from on either side. Overall this looks like a small bounce back with downside targets still pending.