Nifty forms a double top at 11100 as it fails to breach the resistance placed at previous swing high at 11118. This is probably a failure for bulls as we were not able to surpass this resistance for the second time.
Nifty has formed a Hanging man pattern on the daily chart which is a reversal pattern and favors the bears. A hanging man pattern has a higher lower shadow coupled with a small body on the upside and a negligible or now wick at all. It is a reversal pattern that requires a follow up bearish action and it will be important for us to see what tomorrow hold’s for the bulls or bears. Any failure at this point of time would certainly favor the bears as it gives them a low-risk opportunity to capitalize at this level.
We are presently cautious and sidelined as we are awaiting a clear breakout as that would give us much confidence.
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