Nifty 10459
Weekly Chart analysis
1) Long term resistance turned support zone at 10300 - 10350 levels.
2) 30 week ema at 10285-10300 levels.
3) A potential H & S pattern INCOMPLETE set up observed. Left Shoulder and Head complete; however Right Shoulder may or may not happen. If index breaks 10285-10300 levels right shoulder would be completed. This means that Index would be below long term resistance turned support, 30 week ema and neckline of H&S. The next support would be at 9680-9700.
4) Number of stocks below 30 ema is at 31 out of 50, meaning 62% of nifty stocks trading below 30 ema.
5) NHNL indicator also has broken the trendline support (not shown here).
Conclusion : If nifty breaks below 10285, it is time to go short nifty / nifty related stocks with 30 week trailing ema as stops and exits.
Weekly Chart analysis
1) Long term resistance turned support zone at 10300 - 10350 levels.
2) 30 week ema at 10285-10300 levels.
3) A potential H & S pattern INCOMPLETE set up observed. Left Shoulder and Head complete; however Right Shoulder may or may not happen. If index breaks 10285-10300 levels right shoulder would be completed. This means that Index would be below long term resistance turned support, 30 week ema and neckline of H&S. The next support would be at 9680-9700.
4) Number of stocks below 30 ema is at 31 out of 50, meaning 62% of nifty stocks trading below 30 ema.
5) NHNL indicator also has broken the trendline support (not shown here).
Conclusion : If nifty breaks below 10285, it is time to go short nifty / nifty related stocks with 30 week trailing ema as stops and exits.
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