Nifty - Time to Bet Against the Crowd?

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Nifty - Time to Bet Against the Crowd?

May 11, 2022

Indian benchmark indices BSE Sensex and NSE Nifty have corrected more than 7% in the last 9 trading sessions. This is in sync with markets across the globe.

In May, the Nifty has closed in red for most of the days and has corrected over 1,000 points.

The Bullish Bat Harmonic Pattern

 

At today's low of 15,992.6, the index completed the Bullish Bat harmonic reversal pattern.

Harmonic patterns are calculated using multiple Fibonacci retracements and projections. The confluence of multiple Fibonacci ratios signals the reversal zone.

In Nifty, the probable reversal zone (PRZ) was 15,967-16,016. Today, it hit the low of 15,992 and reversed from the PRZ.

The relative strength index (RSI) has approached demand zone on daily chart, strengthening the reversal pattern.

An initial target for the Nifty can be 16,734, followed by 17,300+. The pattern will negate on the break of 15,671.

At present, the NSE Nifty is trading at 16,130. ONGC and Axis Bank are leading the pack while Shree Cement and Infosys are the top losers.

If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setup, join my telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.

To know more about how the Nifty and Bank Nifty index are performing, please see the NSE Nifty Live Chart and NSE Bank Nifty long term chart.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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1 Responses to "Nifty - Time to Bet Against the Crowd?"

Pratyush Naik

May 11, 2022

Learned Bullish BAT pattern for the first time. Looks interesting. Let's see how far prediction closely matches. Excellent Sir.

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Equitymaster requests your view! Post a comment on "Nifty - Time to Bet Against the Crowd?". Click here!

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