Nifty Inverted Cup and Handle Pattern

Nifty view for this week

Chart Pattern Shows 2 Observations
- Inverted Cup and Handle Pattern, Which shows Strong Bearish Move Below 11600
- Clear Down Trend Channel
- Fibonacci Retracement view shows, Market is taking support near 50%=11619
- Normally Nifty takes Support at 61.8% Retracement Level Which is 11506
- So 11500 is Very Very Important Support to hold for this Up-Trend
- If breaks Below 11500 we may see
78.6%=11344
100%=11137

Currently Strong Resistance Formed at 11841, sustain above this will neglect this Bearish view.

Open Interest Data:
12000 Strong Resistance & 11700 Strong Support

Disclaimer: All the Recommendation/View Given in Arrowmoney are only for internal study purpose. Consult your financial adviser before making any investment decision.