Bearish descending triangle formed..
The futures and options volume (not on trading view but based on NSE end of day reports) point to increase in future OI and Volume therefore indicating a strong interest in short.
Options suggest that around 1550 is a good resistance.
If the price retraces - one can take a short position first at 1520-25 then at 1550..
This is based on futures (CME) to give a better volume indication. there is a symmetrical triangle and within it a head and shoulder. Symmetrical triangle would point to a continuation of trend i.e. downtrend and the Head and shoulder would also seems to be indicating a down trend. But if you see weekly the price is at a potential support. so what can...
Cup and handle being formed on Jindal Steel and Power.. volume profile is supportive of this being a bullish continuation AND nice rounded cup bottom ..
Price currently in a channel (which is also the handle formation) .. watch for breakout of channel .. longer term target could be 450.. of the top of the handle is broken successfully.
Fundamentally - current...