HISTORY . . . .(When NIFTY got Bearish)
- Near about 18th Nov'21, a BEARISH pattern had been created on NIFY-DAILY Charts.
- Pattern was Head & Shoulder (which is a STRONG Bearish) and TGT for this pattern were 16500.
- Finally, on 20th Dec'21, NIFTY's LOW was 17410 which is very much close to my TGT.
- On same day NIFTY closes at 16614 (which a BULLISH sign in market), after 20-12-21 NIFTY give a big up-side rally of 1750 points(Nifty at 18350).
- But around 18th~21st January, the news of war between Russia and Ukraine started coming and Nifty started falling and continued to fall, made a low of 15670.
CURRENT ANALYSIS . . . .
- Now, in today's time-
- On daily time-frame: an INVERSE HEAD & SHOULDER pattern has been created. BO is also done but retracement is still pending...
- Target of this pattern are place near 18900/19000/19150.
Stop-Loss at 17050 on closing basis.
- Once the golden cross is done, Upside may get stronger.
-----Important Note: This analysis is completely for education purpose only & it doesn't mean that NIFTY will UP in a single row. Light corrections can be seen but NIFTY is in UP-TREND untill unless is closes below 17050 on daily closing basis.-----