Nifty: The possibility of Nifty fluctuations (20 Feb 2019)

Nifty: The possibility of Nifty fluctuations (20 Feb 2019)

Nifty required to break the consolidation zone 

Index name        : Nifty
Action                 : Short Sell
Entry                   : 10550-10700
Stop loss            : 10950
Target                 : 9993-8890        
Duration            : 3 to 6 months
Analysis date    : 20 Feb 2019

There is currently a head and shoulders chart pattern in the Nifty. Apart from this, the availability of ascending triangle in a modest time limit, that’s the reason Nifty consumes time with many false broken signals. 

Finally the minor trendline and ascending triangle was broken, which was confirmed on February 15, 2019. 

The possibility of nifty fluctuations shown on the chart, let’s see : 

– A long time frame is showing us, it can take support 10350-10400. 

– If the bounce back is not sustainable, then the trend line of the longer time frame can break and try to touch the next support 9993-8890 

Resistance levels are: 
10708    10800    10837    10955    11050    11118 

Support levels are: 
10646    10599    10551    10397    10230    9993    8890

Previous analysis post:

Upcoming levels & scenario will update 

Note: 
Stock market is subject to market risk. This analysis is education purpose only. 
Its opinion, buy-sell it’s your choice.