Reigning The Nifty 1st March 2021

Monthly Chart

Oscillators are positive but in overbought region.

Weekly Chart

Bearish candle follow up to last week indicates bearish bias. Oscillators showing negative divergence.

13600 levels need to be held to avoid a waterfall decline. 

 Daily Chart 

Daily charts made a lower high with a shooting star which is a bearish candle pattern,It was followed by a gapdown very bearish candle forming an island reversal pattern which is in itself bearsih too.Oscillators have formed negative divergences too.

Support was taken at gap formed between 14469-14281.With such bearish signals this support could be easily broken.

  Hourly Chart 

downward channel broken down after failed breakout from bullish head and shoulder pattern indicating bearish bias and giving a target of 13880.

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Happy Trading !! 

Lakshmi Ramachandran