Nifty Symmetric Triangle Pattern
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Nifty has been trading in an range since December with top 11000 and bottom 10330. It has formed a symmetric triangle in daily charts and head and shoulders on weekly charts. Breakout or breakdown in such scenario has to be big. Further movement will be confirmed basis the closure above 10940 or below 10584. Trading below the bullish trendline (green) may make nifty see lower levels. Apart from this weekly charts also sees a head and shoulder pattern which was published earlier. Stay cautious with your positions. Hedge it properly if you are long or short.
Nota
Disclaimer: Objective of this post is to educate and help all members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock picks are momentum picks chosen using technical indicators and for education purpose only. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.Nota
Bears on Backfoot. Nifty closed near the 78.6% Fibonacci extension. If nifty manages to close above 10940 then it will head upwards. Option chain data shows unbelievable short covering and strong put writing. Nifty trading over the breakout zone considering the assymetric triangle pattern what it formed earlier on daily chart. May be Nifty shifted its zone upwards. Now only global factors will decide along with Crude and Dollar-INR.Nota
The long positions have given required returns. Now time to look different.Nota
Nifty kissed 10940.8 which is 100% Fibonacci extension (Refer the charts) and retraced down. On downside it took support near the 10584 levels before recovering on yesterday session. It may notice some pullback rally. Closing below 10584 will open up the window for 10413/10110 and may convert the downtrend to a major correction.
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