Nifty 50 IndexShort
A Head & Shoulder Pattern on Nifty - Refer to my previous post
In Continuation to my last post on Nifty yesterday, i.e. 7th Nov 2024, we can clearly see the weakness in Nifty that is prevalent.
A Head & Shoulders pattern is developing on the 4H chart.
Clearly, the buyers aren't able to sustain momentum and this typically is a sign of overvaluation.
While there may be sharp rallies to the upside, these will most likely get sold into.
I have marked the levels on the chart. My Targets are mentioned in the earlier post.
Short Target-1 on Swing basis - 23,550.
Further this might also break and try for a retest and we could finally come down to 23,375 - 23,400 levels.
Stay tuned and trade responsibly!
A Head & Shoulders pattern is developing on the 4H chart.
Clearly, the buyers aren't able to sustain momentum and this typically is a sign of overvaluation.
While there may be sharp rallies to the upside, these will most likely get sold into.
I have marked the levels on the chart. My Targets are mentioned in the earlier post.
Short Target-1 on Swing basis - 23,550.
Further this might also break and try for a retest and we could finally come down to 23,375 - 23,400 levels.
Stay tuned and trade responsibly!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.