Double Top Confirmation In Nifty

In our last write up we had mentioned no-entry zone for Nifty. We have given two levels for selling side and out of that one has reached i.e. Bottom. However, in the last two weeks, there was no great moment in Nifty.

Technical Overview of Nifty: After bounced from Trend Line Support, Nifty has given great rally and made top around 12000. That was the first attempt to breach lifetime high but not succeed and given confirmation of 1^st Top. After correction of 400 points, again Nifty has given an unsuccessful attempt to cross 12000 and made 2^nd Top. Now coming down to complete 100% of Double Top i.e. strong support of 11800. Again here is showing no-entry zone, however, we will wait for 11800 to enter the long side or breakout to 12000.

As per our studies, we are looking strong buying zone around 11800 with chart pattern confirmation. Riskers can add more quantity around 11700 and keep a stop-loss of 11650 on a closing basis.

Technical Overview of Bank Nifty: From the last 2 weeks Bank Nifty is too volatile, making big high-low in a day and closing around opening price. The last breakout was not worked well as we expected. If we see the last four daily candles then Evening Star has been created on chart i.e. bearish chart pattern. We are expecting some more correction till the next support i.e. 30800. Whenever Bank Nifty will touch to 30800 then 1^st Top will complete and it may go to 31500 for 2^nd Top.

We can sell Bank Nifty from current levels for the target of 30800 with a stop-loss of 31500. The risk-reward ratio is 1:1. Also, the safe player can buy around 30800 with chart pattern confirmation.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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