Nifty : Fall is imminent

9 May 2019

Nifty has achieved target of inverted H&S. Very short term moving averages are pointing towards downward momentum to continue. We expect market to move downward as long as 10425 holds as a resistance for intraday trading. Overall, 11650 would as a major reversal point for upward move. Till the time all rise in index might see creation of short position. On lower levels, trader can look for levels of 11227-11180-11110- 10980.

We reiterate our prior view that overall mid term trend is bullish as long as 10580-10500 holds on closing basis. If this fall is sharp,then we expect fall to get arrested at 10850-10800 level.