Thursday, 28 February 2013

Bank Nifty Probable Head and Shoulder Pattern- Update 1




Bank Nifty is standing at crucial point. Bulls somehow managed to close above more than year old trend line and 5 months low EMA which is currently standing at 11,415.  Heads and shoulder pattern which I mentioned about in my Marketcalls.in guest post achieved all targets today.

Daily charts are heavily oversold. Some bounce is due. 11,460-11350 is support band for Bank Nifty. More weakness only below this support band. If bounce comes then it can reach up to 11,800.

Considering RISK & REWARD ratio I will go long (RISKY) tomorrow with today’s low as stop loss. I will reverse my position on break of this support band




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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.
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4 comments:

  1. Mahender Reddy Pulakandla28 February 2013 at 20:10

    Thank you!

    ReplyDelete
  2. abhay1 March 2013 at 02:18

    Dear Sir,

    Since last few days Tata Motors is oscillating in range of 281 to 295. what is your view on Tata Motors in short term like 7-15 days??

    Pls reply.

    Thanks in anticipation.

    Regards
    Abhay

    ReplyDelete
    Replies
    1. Pattern Trading1 March 2013 at 02:50

      Dear Abhay,

      I will study chart and let you know.

      Thanks,
      Sam

      Delete
    2. SAM1 March 2013 at 23:31

      284-286 is super solid support for tata motors .. below which it can reach upto 277 .. on upside 294-295 stong resistance... wait for range to resolve

      Delete

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