Our weekly outlook on NIFTY had clearly mentioned about a potential Head & Shoulders Pattern on the Chart. Wave ‘A’ and Wave ‘B’ (right shoulder) seems to be completed and broken below the uptrend line. Next major trendline support is @ 10200. 11395 is the immediate reversal on upside. “Sell on rise is the strategy now”
Based on the above conditions, the following strategy is recommended:
Aggressive Strategy – 2 – “Sell on rise” is the strategy now. Any shorts taken below 11400 can be hold with stop loss of 10 points above 11395 for a target of 11200 in coming sessions.
Additional or New shorts can be added in the range of 11380-395 with 30 points stop loss for the same target mentioned.
Trading strategy suggested in this report is just to show how one can forecast markets using various rules based on Elliot Wave counts for practical trading with good Risk Reward. These trading strategy are not trading recommendation. Any trade based on these trading strategies will be at your own risk and we are not responsible for any loss or profit for the same. Take your own decision. We are not SEBI registered company and we are not providing any calls.