Looking at the above 15 min Nifty Chart, there are two possibilities outcomes, based on today morning's move:
(1) There is a potential Symmetric Triangle formation in play, if the market retraces down tomorrow to the lower trend line.
(2) At the same time, there is a possibility of forming a Head and shoulder pattern, if Nifty moves down and gives a break down near 4540 levels .
Nifty Chart - Hourly:
For today on the higher side yesterdays pivot highs of 4591 - 4610 levels may act as initial resistance, above which it may reach up to 4640 levels. Next resistance level comes at 4680.
On the lower side 4540 may act as good support. If nifty cracks down with confirming volumes, then 4509 levels may give good support. Below that, 4487 may act as next support taken from the triangle formed on 23rd July. 4460 may act as good support for Nifty because of the Gap and the Triangle support levels which I have mentioned on 23rd July.
PS: If Nifty breaks 4387 levels decisively, then I will exit my next 25% Nifty positions.
On the lower side 4540 may act as good support. If nifty cracks down with confirming volumes, then 4509 levels may give good support. Below that, 4487 may act as next support taken from the triangle formed on 23rd July. 4460 may act as good support for Nifty because of the Gap and the Triangle support levels which I have mentioned on 23rd July.
PS: If Nifty breaks 4387 levels decisively, then I will exit my next 25% Nifty positions.
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