Nifty gave a positive close above 2960 (it closed at 2979). I presume this should be treated as a positive sign.
In short to medium term we may target 3080 - 3120 levels and then a re-test of the recent high of 3240.
Assume crucial support now as 2810.
I presume even the chart formation of BANK NIFTY is quite interesting and readers may want to evaluate it and post their comments on this blog !!!
Happy trading !!
CA Rajiv D Khatlawala
Head of Research and Training
Jhaveri Securities Ltd.
3 comments:
Dear Sir,
I have read somewhere about Cup & Handle pattern. Is it the right example of it with handle breakout at just previous high???
Piyush.
NICE EXPLANATION OF CUP AND HANDLE PATTERN
http://www.investopedia.com/terms/c/cupandhandle.asp
Friends,
The main reason I did not term it as a "Cup and Handle" pattern, is that it is a 'continuation' pattern and not reversal pattern... and here we are talking about an upmove in a down trend !!
Regards
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