Hi All,
After a week of abnormal intraday volatility, Nifty managed to close crucial resistances today.
Nifty also closed strongly above the neck line for the Inverted Head and Shoulder Pattern on Daily charts, which is a very good sign..... The pattern roughly gives targets of 8600+. The volume confirmation for the same is not encouraging which means there might be some muted days or even negative days in between, however short term bias looks bullish with supports near 8300-8120-8080...
The mid term outlook is also bullish with final supports near 8000-7950....
However the next hurdle now for Nifty is near 8510 mark, which can be a litmus test for market's potential to go up further...
Cheers....
Hrishi
After a week of abnormal intraday volatility, Nifty managed to close crucial resistances today.
Nifty also closed strongly above the neck line for the Inverted Head and Shoulder Pattern on Daily charts, which is a very good sign..... The pattern roughly gives targets of 8600+. The volume confirmation for the same is not encouraging which means there might be some muted days or even negative days in between, however short term bias looks bullish with supports near 8300-8120-8080...
The mid term outlook is also bullish with final supports near 8000-7950....
However the next hurdle now for Nifty is near 8510 mark, which can be a litmus test for market's potential to go up further...
Cheers....
Hrishi
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