Nifty, BankNifty and FinNifty intraday analysis for option buy
Detailed some high probable trades possible either during next or next-to-next week Current retracement can go in between 22200-22400 range A pull back to 21800 is inevitable with current chart patterns and indeed data build up also suggesting the same
This week Nifty weekly chart created a gap of around 170pts and is a rare event in Nifty weekly chart. Tuesday close is exactly at the middle point of parallel channel and also coincides with the first arm bottom of inverted H&S pattern in weekly chart. Multiple things are indicating that Tuesdays chart is forced to makeup for the pattern indicating the near term...
Many trend lines are indicated in the attached chart and easy to identify what trade to take and at each level. Right now index is in pause phase and should wait for key level to break for taking positional trades