Hello everyone, I just uploaded this hourly chart to notice two important facts. One is, the formation and break out of the reverse H&S pattern. Other it the gaps that have formed on the chart. Perhaps it the gap that it troubling the market. It is the prime cause of flat intraday trades. It can consolidate for few more days and it will take off by its own fuel.
Important resistance is at 19850 and other is at 19930.
Happy trading.
Hello everyone,
So far the market is dead near support of 19600 levels. There are a few important points to notice for today's trade. Be optimistic only till it holds 19600 levels.
If it breaks 19600 then we can hope for 19500 to 19450 levels. On the higher side, we can see stiff resistance emerging at 19740 to 19760 levels.
It is very much possible that Nifty has entered the zone of consolidation and we can expect choppy trades still next month.
Happy trading.
Welcome everyone,
If you look at the chart you can observe that right now Nifty is running at its crucial Fibonacci levels. Yesterday it took a "U" turn from 19600 and then recovered well but gave immediately. The scenario suggests that if this breaks 19600 levels then it can march towards 19459. So I am taking the target range as 19500 to 19450.
Unless it goes above 19740, no bounce is safe. I have already anticipated earlier on the failure at 20200+, not to expect on the bullish side for the next month.
Happy trading
Hello, Nifty is almost in a break situation. I have shown two possibilities in the above chart. First is, if a bounce comes then it can take the Nifty to 19800 levels with strong support at 19600. It is based on fibonacci retrechment. Hope it comes true.
Alter way, purely based on the candle pattern, If it starts trading below 19650 and sustains then Nifty can go to hit 19500 levels. Intensity can be sharp and this can be achieved by today itself.
Stock to watch - LT and TCS for long deal.
Happy trading,
Praveen kumar
