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Nifty50

Will Reverse Head & Shoulders Breakout be a success? Market Outlook: Nifty is on a roll and taking all the negative news under it’s wings and rising like a phoenix. The Mother of all bi-monthly economic events FOMC meet and decision on US Federal Reserve rate hike/Pause and US Fed chief Powell’s comments about the future rate decisions awaits to test its resolve. A positive looking Reverse Head & Shoulder like structure is formed on Nifty Chart as you can see below. We will know later this week if the Reverse Head and Shoulder Breakout is successful or not. One thing is for sure that corrections are temporary but Indian economy, it’s strength remains intact. It may take time but Indian Indices do bounce back. Long Term Investors should trust the story of India and continue to invest for long term irrespective of whether the current Breakout or current rally sustains or not. Nifty Supports From Current Level: 18124, 17966, 17888 and 17632. Nifty Resistances from Current Level: 18180, 18252 and 18441.
NSE:NIFTYLong
by Happy_Candles_Investment
2
NIFTY H&S Pattern So Ready toward 15000 ?NIFTY50 Chart Analysis: Head & Shoulder Pattern in HTF Points to Possible Downside Move As of May 2, 2023, the ₹NIFTY is currently trading at ₹18150. However, a chart analysis of the higher time frame (HTF), particularly the 3-day and weekly charts, shows a head and shoulder (H&S) pattern forming, which could indicate a potential downside move soon. Left Shoulder and Head Already Formed The left shoulder has already formed, and the head has also formed, indicating a possible top. The chart analysis is now waiting for the formation of the right shoulder. If the right shoulder forms as expected, the ₹NIFTY will likely test the ₹17000 level again, which is the neck line support for the H&S pattern. Neck Line Support and Major Support Level The neck line support at ₹17000 is a crucial level to watch. If the ₹NIFTY breaks down this level, it could potentially see the ₹15000 level in the mid-term, which is a major support level in the higher time frame. Key Levels to Consider The support levels to watch out for are ₹17000 and ₹15000, while the resistance levels are ₹18250 and ₹18800. Invalidation of the H&S Pattern The H&S pattern will be invalidated if any higher time frame candle closes above ₹18250, indicating an inverse H&S pattern. Conclusion and Takeaways Based on the chart analysis, there is a possibility of a downside move soon in the ₹NIFTY. However, it is crucial to do your own research before making any investment decisions. Keep an eye on the neck line support at ₹17000 and the major support level at ₹15000. It is also essential to pay attention to the resistance levels at ₹18250 and ₹18800. Always remember to trade wisely and never blindly follow any chart analysis or predictions. Follow us for More Quality Charts. Thank you.
NSE:NIFTYShort
by CryptoPatel
Strength of the rally to be tested next week.After the much awaited break out of Nifty which was playing in the range between 17900 and 16900 it is the time for the strength of the rally to be tested. Nifty has to battle some important resistance next week to sail further upwards. All eyes will also be on FOMC meet of US Federal Reserves on 2nd May 2023. I don't want to sound pessimistic but everyone should note that this event has potential to become a party spoiler. (Looks less likely though as rally has crossed some important resistances but you can never really decouple your economy from what happens globally). Important Supports For The next week: 17973, 17878, 17779 and finally the strong buffer zone of 17473 to 17687. (This buffer zone has multiple supports including 50 Weeks EMA, 50 and 200 days EMA in addition to some other supports). Important Resistances: 18140, 18268, 18397 and 18481.
NSE:NIFTYLong
by Happy_Candles_Investment
Morning Mantra - 25th April 2023Dear All, It was an amazing day yesterday . Wherein, we had observed that after a gap up opening of 17707, Nifty had made a day’s low of 17612 and had thereafter made a sharp recovery from that level. Overall on the hourly chart of Nifty, we can now observe a head & shoulder formation . Wherein, the level of 17800 can be considered as its neckline . Above this level of 17800, we can see Nifty for the level 18134 approx in the near term. Until the time we witness a closing of above 17800, we are still with our words to keep following the Cherry-picking strategy with the stop loss of 17300 , as of now. Besides, the conservative players can go for fresh accumulation only after witnessing a beautiful and a strong closing of above 17800 . Regards, Alok Daiya SEBI Registered Research Analyst
NSE:NIFTYLong
by alokdaiya