Nifty has formed a Head and shoulder pattern and broken below 10350 with above average volumes. We can see further drop in nifty with a target of 9580 in next couple of months. A stop loss can be place at the top of the head and shoulder pattern at 11172.
NIFTY 50 – HEAD AND SHOULDER PATTERN
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Stock Analysis
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Bullish View
Bearish View
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In addition to the above views, it happens so that 9508 also happens to coincide with Fibonacci Retracement levels of 0.5.
Hi sir,
It is not head and shoulder pattern, finding patterns in indices is little complex.