observations
1.vertical lines drawn on a regular interval of 38 days, it has been observed that whenever price crosses this cyclic lines, price goes down and then take a up move ( shown by pink arrows) . according to this pattern nifty should go up from here
2.we also have a head and shoulder pattern ( bearish in nature). It is very interesting to note that the pattern is completed just the day before US election.
3.A downside move is quite possible from here due to bearish pattern but nifty is making dozis since 2 days on support line. it is not looking in the mood to go down right now
4. nifty is taking long term RSI support of 54.38 level, it will be difficult to break this line.
5. why nifty made dozi today - as we know that reliance holds large sharing in nifty , it was down by 7% today but bank nifty was up around 1000 point, so nifty was saved by bank nifty shares . the bear bull fight ended with zero control. this much move in bank nifty compels to think "why", why bank nifty was so much gained today.
many reasons possible but it seems that big operators want to clear their positions before big US election thing.
6. after this much large gain , shorting is also possible in bank nifty .
7. Reliance will play a big role tomorrow in nifty , it may look like that reliance behaved out of proportion today but it didn't . it completely followed technical. please follow the analysis for details . tomorrow it shall rise
8. nifty levels
for bears- 11470
for bulls- 11810 ( if breaks this then 11850)
1.vertical lines drawn on a regular interval of 38 days, it has been observed that whenever price crosses this cyclic lines, price goes down and then take a up move ( shown by pink arrows) . according to this pattern nifty should go up from here
2.we also have a head and shoulder pattern ( bearish in nature). It is very interesting to note that the pattern is completed just the day before US election.
3.A downside move is quite possible from here due to bearish pattern but nifty is making dozis since 2 days on support line. it is not looking in the mood to go down right now
4. nifty is taking long term RSI support of 54.38 level, it will be difficult to break this line.
5. why nifty made dozi today - as we know that reliance holds large sharing in nifty , it was down by 7% today but bank nifty was up around 1000 point, so nifty was saved by bank nifty shares . the bear bull fight ended with zero control. this much move in bank nifty compels to think "why", why bank nifty was so much gained today.
many reasons possible but it seems that big operators want to clear their positions before big US election thing.
6. after this much large gain , shorting is also possible in bank nifty .
7. Reliance will play a big role tomorrow in nifty , it may look like that reliance behaved out of proportion today but it didn't . it completely followed technical. please follow the analysis for details . tomorrow it shall rise
8. nifty levels
for bears- 11470
for bulls- 11810 ( if breaks this then 11850)