Indeks Nifty 50

nifty view , time has come to take a path

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As per nifty view given on 21-10-2020, nifty was in process of making inverted head and shoulder . it has now completed that structure as visible on chart. from here it may give a breakdown or can take reversal . however candles are not looking that strong that is needed to give breakdown on lower side , infact it is making a dozi on line support. we have also a strong rsi support level 47.89 so we may expect a up side move on monday . reliance will be sufficient to give nifty a up thrust after posting good result and long downside consolidation. But nifty has not much scope here to move on upside . 11700 is strong resistance upside and 11461 is support on down side.
In next week nifty will be compelled to choose a path. A breakout on either side can be seen . it is not necessary that move will come on Monday but in 2 or 3 sessions it will be visible.

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