Daily Chart
The topping Head and Shoulder pattern has a target of 23257.Expect bounces to be followed by falls till the target is reached.
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Lakshmi Ramachandran
Tuesday, October 29, 2024
Sunday, January 14, 2024
Some Bearish Pointers on the Nifty and Bank Nifty.
Bank Nifty Weekly Chart
Huge negative divergences are seen in Bank Nifty weekly charts.
Bank Nifty Weekly Chart
Weekly shows a rising wedge which is a bearish pattern.
Bank Nifty Daily Chart
Daily shows a bearish head and shoulder pattern after breajout from the rising wedge as seen on Weekly charts above.
Nifty Weekly Chart
Negative divergence in Nifty too with Nifty making higher highs and RSi14 and Macd failing to do the same.
Nifty Weekly Chart
Target of 22150 within reach after which we could expect a correction.
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Happy Trading !!
Lakshmi Ramachandran
Wednesday, December 13, 2023
Reigning The Nifty 14th December 2023
Daily Chart
Nifty had formed a broadening pattern which is a bearish topping pattern. However, the euphoria due to the Election results led to a breakout on the top.
Daily Chart
The breakout seems to be petering out with a bearish engulfing pattern followed by a hanging man, proving the breakout should mostly be a false breakout.
Supports at 20702 break of which could lead to filling the huge gap area 20508-20267.
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Lakshmi Ramachandran
Tuesday, November 29, 2022
Reigning The Nifty 29th November 2022
Daily Chart
Nifty is moving in an upward-sloping channel with plenty of room on the upside. We're talking of the upside since the all-time high has been broken.
The first sign of weakness would be a close below 18100.
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Happy Trading !!
Lakshmi Ramachandran
Saturday, November 19, 2022
Reigning The Nifty 21st November, 2022
Weekly Chart
Daily Chart Showing Huge Negative Divergence
Weekly Chart
The negative divergence is quite marked indicating a fall may start. The Doji candle on weekly charts shows hesitation by bulls to carry on the upmove.
However, the earlier peak at 18114 was broken on the upside so only a trade below 18114-18096 would indicate further weakness and a potential double top forming at 18604.
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Happy Trading !!
Lakshmi Ramachandran
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