Nifty broke down the support of the expanding triangle with volumes yesterday and closed below that. Now the target for this pattern is 3900 levels. While coming down it also made inverted Cup and Handle, price almost reached the target (4200). But it took support from 4230 levels twice yesterday. Below is the Inverted cup and handle target shown in the 15 min charts:
Cues For Today (June 19th):
Though yesterday Nifty broke the support of the expanding triangle convincingly with good volumes, A point to note is that the market is in oversold zone, so a partial pullback may be expected, which may give an opportunity to exit any longs or take fresh shorts.
On the higher side 4390/4400 range will act as a resistance. Above that market may get some bullish strength. On the lower side there is a gap at 4185 level which may give support, as market is in oversold zone price may not break the gap support today. If the 4185 levels are broken then Nifty may go down to 4100 levels. Below is the 15 min chart of Nifty Futures.
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