Is this a start of Bull trend or a Fake Signal
Nifty has breached all its resistance in the past couple of week. Now it is in the major Resistance zone of 11530-11461. If it doesn't break on a closing basis. Expecting a New High would be really Difficult. It has made a Bat Bearish Butterfly Pattern And to Break such Pattern it has to reach and sustain for a week at the levels of 12,750. Till then, it is hard to expect a bull trend.
If it breached the levels of 11400, then expect levels of 11294 as a Support. Once it is breached then New lows of 10600 and below that can Be expected.
If it breached the levels of 11400, then expect levels of 11294 as a Support. Once it is breached then New lows of 10600 and below that can Be expected.
Comment:
Breached the resistance levels and now moving ahead for the new highs.. 11760 is just a day ahead.. New resistance will be at 11850- 11900 with the target of 12000 and 12750.
Trade active:
Nifty after consolidating at the levels between 11461-11530 by touching the lows near 11300 which makes up the support stronger. Thus, now it is just half a cent points far away from its New high.
Now the Resistance will be at 11850-11900 to enter in the bracket of 12000. And if it sustains their for a month or passes out the elections volatility then expecting a new of 12750 will not be very far.
But Be cautious with the trade If it is a Double Top Pattern, then a new lows though the signal are showing the new high so better take positions accordingly
Now the Resistance will be at 11850-11900 to enter in the bracket of 12000. And if it sustains their for a month or passes out the elections volatility then expecting a new of 12750 will not be very far.
But Be cautious with the trade If it is a Double Top Pattern, then a new lows though the signal are showing the new high so better take positions accordingly