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.