Nifty Daily View

Hello Folks,

After a one way rally starting from 19^th Feb. 2019 till 28^th March 2019 and after that it went into  a healthy consolidation zone where it has also tested the all-time high of 11856.15 on 18^th April 2019, but failed to sustain above that level which could have triggered the next lag of rally in Nifty. As seen yesterday based on the trade war news and global sentiment Nifty opened in Gap Down but manage to close almost on the same level which it had opened.

Today Nifty has broken its 1 month of consolidation support line which was also acting as a crucial level for 11575  and closed at 11497.90 with an increase in volume compared to the previous day as seen in chart-1 below.

Today we have observed a Bearish Price Pattern called Head & Shoulder with Marubozu Candlestick Pattern which can be seen in chart-2 below where it indicate that we might witness some pain in index. Nifty may test the level of 11350-11300 in the days to come which is also a 2^nd Support line and on the upper side the level is 11570.

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Kindly Note:- This is my Personal View not a recommendation of Buying or Selling so if any action taken directly or indirectly based on this article than author will not be liable for any losses. So before taking any action kindly take advice from your Financial Adviser.

Author:-

AFP Chirag R Sanghvi (Certified Research Analyst).

E:- chirag.sanghavi89@gmail.com

M:9725154547

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