Nifty CMP- 11464.45
In the past week we have seen the Nifty price to take shelter in the range of 11200/11250. On Monday i.e., 7th Sept Nifty respected the Harmonic patter PRZ and shown a recovery in price. However the range of 11250/11200 was being challenged again on 9th Sept and the same was held. However Nifty price faced the resistance near 11472 range as discussed in previous article.
Below is the EOD chart illustrating the price action –
Nifty Harmonic Pattern
Nifty on One hours chart is likely to complete Bearish Cypher Pattern. One can look for selling opportunity near PRZ i.e., 11512/11542 with feasible stop loss.
As for the coming days we anticipate the following price action –
For the coming days 11542 and 11777 shall act as significant Resistance or Supply areas for Nifty. Similarly 11400/11246/11040 shall be the major support areas.
One can expect high volatility on 14th Sept.
Daily Nifty spot levels are posted @ Nifty Spark page.