Cup/Rounded Bottom formation in Nifty50

S&P CNX NIFTY INDEX FUTURES (NSE:NIFTYK2021)

Updated

NSE:NIFTYK2021 S&P CNX NIFTY INDEX FUTURES

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Throw a look at the pattern. One can very easily judge it's a rounded bottom pattern forming a cup. This is verified by the increasing volume after it rises from the bottom most region. Long term view is "LONG". Just let it reach near the boundary of the cup pattern or the support line. From there onwards and if RSI bounces back you can take a long position.

Short term support - 14520-14540.

T1 - 15065
T2 - 15415

Comment:

Target 1 completed/achieved

Comment:

Now there can be a pullback into the cup pattern and it will close near the border of cup. Then one can take long position for target 15065 and 15415 once again.

Comment:

can take a short position with 15200 as stop loss (15200 was a resistance on 16th March 2021). It may fall upto 14700-14770 before rebouncing again and this time the target shall be 15350-15500.

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