Nifty’s Love Towards Classic Head & Shoulder Formation

Nifty is currently trading at 8083. It had witnessed a sharp recovery in yesterday’s session after revisiting neckline of an inverse head and shoulder pattern. This chart is showing NIFTY’s love towards classic head and shoulder formation. Nifty is likely to stay in a range among 8000 and 8350. Areas of 8000 are supported by the neckline of an inverse HNS formation and 8350 are resisted by neckline of HNS bearish reversal pattern. Any confirmed breakout above or below these levels will clear the way for a bigger move. Nifty index has been experiencing down trend since March 2015 which has taken place in a channelized manner and currently we are trading in corrective leg of this bearish trend.

Stability above 8000-7950 keeps nifty in short term trading range among 8000-8350. Any sustained move above 8360 will confirm resumption to longer term uptrend and then primary rally towards 8600 can’t be ruled out. Any failure of 7950 will invalidate current bullish move and then it will try to find support near 7700-7500 zones. Any sustained move below 7500 will put focus on 7200 in coming days.

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