Nifty looks like choppy in that zone which I mention. It’s a Cup & handle and an Inverted Head & Shoulders formation in Nifty. The break out point of this Inverted H&S is 5250 (trgt 5435) & 5350 for Cup & Handle (trgt 5646). As long as 5030 is hold I’m bullish in Nifty. After break out of 5350 I hope 200 more point for bull.

I’m a learner of technical analysis that’s why I’m here. ATMA is a big platform for me to know better about technical. If I make any mistake then tell me where it is.
Thank U to all..

Agree with your views but the handle doesnt really look like one. I have seen quite a few of these patterns fail their target implication on the nifty simply because nifty is very slow. Previously if you & check the weekly chart of nifty there is a big cup & handle whose tgt was around 6800 but we are still waiting for it so its difficult to take calls based on these patterns. I would give more heed to trend implications right now.

Nifty Cash has tested support on its Rising Trendline drawn from 4800 levels.Strong support exists at Breakout gap between 5450-5525 zone. Fibonacci retracement of 50% & 61.80% also re-enforces the gap support at 5517 and 5547 .The RSI is above 40 levels in bullish range.Looking at all these signals ,one can initiate long positions at current levels with a stop below 5500 for a 1st target of 5800.

Hi rupesh,
good observation and assumption.your first tgt is acheived today.

Simple Trendlines at work.Next target at 5900 which is the width of the rectangle.

On daily chart of Nifty there seems to be perfect continuation Pennant pattern if it gives sustainable close above 5909 for 3 - 4 consecutive session then likely to tangent 6250 level very soon.