Bullish FLAG pattern . Very Reliable pattern. BIG TARGETS
Did a healthy retracement from 61.8%
Gave Weekly Close above Resistance Zone and above the Long Wick Area
Volume Expansion also seen
LONG For Short Term and Medium Term
Buy between 2560-2580 for Good R:R
Short Term SL-2480 Medium Term SL-2380-2350
Short term targets-2930-2950 Medium Term targets-3130 (1.618...
12900 PE SELL can be considered
NIFTY is in a range 12960-12730 . 12960 level has been tested multiple times and has become weak so it is very likely to break 12960 and head towards 13080-13100.
NIFTY is forming a CHANNEL and currently is a the base of the channel
So go long on NIFTY
NIFTY has been moving in a sustained uptrend making Higher Highs and Higher Lows and currently is in the Wave 5 which can be completed any time soon. So for very short term the view is of some more upside or consolidation up to 13000-13200. As soon as this wave 5 gets completed the correction will start and some downfall can be seen upto fib retracement levels...
BANK NIFTY broke the trend line on 10th Nov it has retraced back today forming a candle with tail.So some buying interest is clearly visible in the market. BANK NIFTY may again try to go upside towards 29000 and retest the round level.
We may see a some consolidation between 28000-29000
1)NIFTY is taking resistance from 12280-12300 which is major resistance level.
2)Also whenever a round number resistance level that is 12000 in this case price always tends to retest it which is due.
3)The price is also taking resistance from the trend line
4)RSI is also showing divergence at higher levels
So, go short on NIFTY
NIFTY is forming a INVERSE HEAD & SHOULDER PATTERN
RSI also showing strength
If crosses 12025 a rally of around 200-300 points is very likely as it will be a consolidation breakout.Also 12000 being a major psychological level so if breaks this resistance a strong move is expected. Major short covering rally will also boost NIFTY
So look for buying
NIFTY is heading towards major RESISTANCE ZONE of 12000-12070
There are multiple unfilled gaps in this zone which will act as a RESISTANCE ZONE
Also 12000 is also a major psychological level
The rally has been over extended and has also created Exhaustion Gaps in between
Short NIFTY at these levels.
After any technical signals such as a Trend line Breakdown in a...
BEARISH PENNANT PATTERN spotted in BHARTI AIRTEL
Also on touching 413 level it will complete the ROUNDING TOP pattern which is also a BEARISH PATTERN
Structure making LOWER HIGHS and LOWER LOWS
So multiple reasons to short for huge TARGETS
RELIANCE forming a bearish structure. Although making a symmetrical triangle pattern but very likely to break it on the downside.
As showing RSI divergence on multiple time frames even on weekly and daily
Also Structure has started making Lower Highs
So,short @2235-2240 levels with a SL of 2270-2280 for big Targets of 2170 and if breaks 2165 it will move towards 2050
NIFTY is making LOWER HIGH LOWER LOW structure . At 11450 -11500 there is a major supply zone and nifty is coming to that level for the first time so it is very likely to face resistance. Also before starting a new leg of downtrend the big players might show a false breakout from the trendline which was also observed before the last leg of fall from 11600-10800...
In today's session RELIANCE gave a breakdown from a RISING WEDGE
SELL on RETRACEMENT or if goes below 2225.
It will be better to wait for retracement as it will give a good RR ratio
Moreover it is likely to face selling pressure from the moment market opens tomorrow.
AIRTEL showing proper downtrend .
As soon as it touches 412 it will complete the ROUNDING TOP pattern as well, which will add to its bearishness
Rest Everything is on the charts
SO GO SHORT on AIRTEL positionally @ CMP for big targets
MARICO gave a range breakdown and in yesterday's session the earlier support of the range acted as strong resistance completing the retracement.
Also it showed a false breakout trapping many longs justified by follow up volumes
So go SHORT on MARICO
NIFTY likely to hold 11000 for few weeks
Final Target -11400
BIG Players won't give easy money to the bears just by shorting @11200
Without some short covering rallies on the upside the markets aren't likely to fall.
Same was observed in the month of February