All Clear!!! with Head & Shoulders

Hi all,

Just want to share an observation....

5790-5740... can be a good support and we can expect a huge selloff after the same with supports near 5680-5600 and finally 5550....

Reason is this....

a Trend Reversal Pattern  Head and Shoulder....... Which might clear off all Bulls....

And remember 5740 can not be ignored as its a support for another Bullish continuation pattern called as Flag (explained in my earlier post)

So, it's all confusion.... Trade with strict SL...

Still continue with the bullish view with reversals below 5790-5740 and then targets of 5650-5550....

On higher side above 5940-50 Nifty can bounce till 6030-6100 levels...

For the entire month I expect it to trade sideways between 5550-6250.....

Regards

Hrishi

New Expiry New Levels...

Hi All,

As expected earlier and informed in my earlier posts, after breaking 5900-5925 levels Nifty broke down till 5814-5820... and it did not break the crucial short term support near 5790....

The short term bias still remains possitve...

I expect for the month Nifty to ideally trade in the range of 5550-5500 on the lower side where are 6200-6250 will act as resistance on the higher side....

Will keep you all posted on the views and recommendations time to time...

Regards

Hrishi

Below 5900.......

Nifty broke 5900 and is likely to test short term supports 5840-5790-5740...

As discussed earlier 5790-5740 are very crucial for Nifty to continue its short term up move...

Whereas 5500-5550 are key supports for midium term trend.

Regards

Hrishi

Holding on to supports.....

5900 not broken..... +ve signals on intraday charts....

As mentioned trade with strict SL below 5890-5900

Cheers

Hrishi

Be greedy when everyone is cautious.....

Hi all,

SGX Nifty is down by around 73 points.... One can expect Nifty to open near 5940-50 levels....

As posted earlier one can take a low risk high reward long trade in Nifty with a strict SL below supports of 5925-5900....

But the trade has to be a strict SL as below 5925 the supertrend would also turn negative and Nifty can target 5860-5835-5790-5740....

Risky traders can go short below 5925-5900...

Cheers

Hrishi