Bank NIFTY has broken the neck line of a bearish H & S pattern. Public sector banks look more weak on charts. Also private sector banks are showing signs of break down.
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
BANK NIFTY Daily chart
BANK NIFTY Fibonacci Daily Chart
NIFTY Daily Chart
The chart structure is indicating the more downside in the index with targets 12400 - 12112 - 11780 and 11500. NIFTY is also on the verge of breaking down of the similar bearish H & S structure. The break below 5930 would confirm with much lower targets. As we have updated in our previous blog for targets of 5790 further downside can be expected around 5640 - 5650 which is also 78.6% fibonacci retracement on daily chart.
So trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.
Raju V Angadi
Equity Research Analyst.
To know more about probable counts contact us back on rvangadi@googlemail.com
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
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