Wednesday, May 4, 2011

Is Head and Shoulder in the making ?? Nifty - Long Term view


The answer is " YES" if Nifty breaks 5200-5250 on weekly basis. Nifty after facing strong resistance from red trendline placed at 5950 has retraced back almost 61.8% to 5500 odd level. In extreme short term supports are placed at 5470-5510. However if this broken then we may head back to bottom of our long term parallel channel which is placed around 5250-5300. This also would be neckline for the current Head and Shoulder formation which is in the making. A weekly close below 5200-5250 zone will take Nifty to sub 5000 levels of 4700-4800.




Regards

Ankit
Technical Analyst
Analyse India
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1 comment:

  1. alphabet1May 12, 2011 at 6:57 AM

    As i write sgx nifty is down 60 points at 5500, the key weekly support level of 5510 ( spot prices. this holds there is a bounce.

    Any slide from here will meet tremendous resistance till 5300.

    Prediction is not for me.

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