Chart explain everything
Range broke down with low volume, RSI touches lowest trendline, Reversal candlestick at support level.
hence trend will reverse from here & will break above resistance zone which is 225-230.
Target is 240,
Position activate above 212.
Nifty 50 started correction ..........
today's first half was an attempt to stay on the track by nifty but failed one.
now nifty has formed range bound 9470 -9520. as we can see triangle also on the chart ....
coming days will confirm if it is triangle or range bound condition...
But in both case it was failed attempt by nifty to break it...
So Nifty will move...
Downtrend
BNF failed to break & hold resistance of 21760.
Forming reversal pattern.
For some time may go to consolidation but expecting rapid downtrend
Target 1: 21400
Target 2: 21200
Target 3: 21000 (Strong Support) expect reversal around it
BNF will be in consolidation for few days (at least 1 week),
before Upward move it will touch the previous trend line or 20400 support, hold your money, take small qty PUT near to 21000,& call near to 20450, If it moves below 20300 PUT is absolute, & above 21000 call is absolute.
As we can see 20410 was upper resistance, while in consolidation volume was low, made higher low ,
Break out with burst of Volume, as prior trend was upward, its continuation pattern
