Nifty has been in negative territory from past few days also forming a H&S pattern on the top, a highly traded pattern, for about 1000 pts. target which has been completed a few days back. Now, after a few days of pullback a negative candle is formed on last trading session it may continue the trend in the direction of the primary trend i.e. down. But, there's another probability of forming a double bottom as 17750-75 may act as a good support and can become a turning point for the NIFTY. Moreover, after a failure to sustain above 40 on the RSI range this time NIFTY has closed above 40 and its time too see if it sustains above ore not.
All-in-all Nifty is in a no trade territory and best opportunity lies above 17450-17500 for longs and 16700-16775 for shorts and within this range any trades should be avoided as markets may be volatile and may hit SL's on both sides.
All-in-all Nifty is in a no trade territory and best opportunity lies above 17450-17500 for longs and 16700-16775 for shorts and within this range any trades should be avoided as markets may be volatile and may hit SL's on both sides.
Komentar:
Double bottom formation complete.