Nifty Weekly Analysis an Inverse H&S formation

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Nifty Weekly and Daily Charts are presented.

Deduction from Daily Charts:

We are moving firmly in a Channel and a near term resistance are 4669.75 and 4693.

Once that is crossed we can easily sail through 4700 4724 4778 .

Supports are emerging at 4575 4546 4468.

Concerns on Daily and Weekly Charts are The negative divergence observed in RSI.

Weekly Charts:Shows an Inverse H&S formation with a neckline placed at 4700 Levels.An irony which was observed that Sensex which has hit a new 52 Week High has closed above neckline resistance but Nifty is still lagging.

Now lets take a Bullish Scenario in which Inverse H&S formation works

If 4700 is crossed what Levels we may see in coming weeks are 4730 4824 and 4979

and suppose we fall due to bad Global cues we may see 4575 4546 4468.

Results seasons has also come to an end and but the spoilsport were metals and real estate guys which have posted deep gashes. One point to ponder on in rise on profit is on back of Cost cutting measures take by company not on margin improvements.


Regards,
Bramesh