May 3, 2016

Nifty chart Analysis

  • Nifty got resisted near 8000. Now price moving towards the support zone near 7500 levels. Daily chart shows a bullish structure a possible Inverted head and shoulders. For this one to look good price should stay above 7500 levels. Weakness below 200 SMA But this will become a worry for bulls only if price starts to stay below 7500 levels. 4 Hour chart shows a possible bearish head and shoulders pattern.

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