This is what exactly nifty making trend and as i analyzed in last 3 days.
Nifty formed bearish trend following Tripple Top on higher side and Retracing to the 2nd level 38.20% on downside....
Nifty downside looks with 11940 followed by 11856.
Breaking below 11850 will forward it to 11500-11650 zone Immediatly.
ALong with tension between America and Iran will...
Mothersons Sumi Ltd. is continuously making Long Term Parallel Channel Pattern in a Downward Zone.
On weekly Chart, Having Long major Support at the Range of 100-104.
If make good support then Upside Sudden Spike is expected in the Channel pattern and Along with Fibonacci Range with 23.60% Retrace range of 134-144 Levels.
Major Support -- 100-104
On the basis of Daily Chart Analysis, Reliance can make Support as explained in chart near to 1192--1210 levels.
Breaking this Support levels can give more downside As Well As Maintaining this support lines can give Upside range For Reliance.
For the time period of 2-3 Months View, Reliance can make Upside levels --1270--1300-1320
For Education Purpose...
As per the studies given by Thomas Bulkowski on Big M Pattern Formation, Currently Nifty is exactly trading on that pattern formation, and on Downside, Nifty 50 may make support @ 11145-11111-11071 range,
Nifty must hold this support range for Upside Breakout.
as per the Analysis, Nifty 50 may take some time to cross its Life time high above 12100, expecting...
JUST DIAL MAKING FLAT BOTTOM PATTERN TO GO UPSIDE FOR 3-4 MONTH HORIZON
BUYING STRATEGY BETWEEN 505-520
TARGET -- 560 -- 600 -- 645
BUY ON DECLINE -- 480--500
STOP BELOW 470
TIME FRAME -- 3-4 MONTH HORIZON