Eagle Eye Technical Analysis: NIFTY Daily Chart DOUBLE BOTTOM PATTERN & Weekly Chart BULLISH ENGULFING Pattern.

Eagle Eye Technical Analysis: NIFTY Daily Chart DOUBLE BOTTOM PATTERN & Weekly Chart BULLISH ENGULFING Pattern.
Nifty has formed a Double Bottom Pattern after a big price decline. It has clear the reaction high which formed between the low. On other side it has breakouts the sloping trend line as well as closing above the 200SMA. The upside is likely to continue where the calculation target of double bottom pattern is seen around 5260 levels. Before that, there is an interim resistance seen around at 5190 levels as show in chart. On lower side support expected around 4980 levels, one can look these levels on closing basis for reversal.
In Weekly chart Nifty has formed a BULLISH ENGULFING Pattern as well the price breakout above the sloping resistance line.

Note: Trade with Stop Loss.

Eagle Eye Technical Analysis : Nifty Previous Resistance acts as support now.

Eagle Eye Technical Analysis : Nifty Previous Resistance acts as support now.


Nifty daily chart resistance seen around 4930 follow by 5020, on lower side support expected around 4770 follow by 4730.

Note : Trade with Stop loss.

Eagle Eye Analysis: Nifty close below major support levels.

Eagle Eye Analysis: Nifty close below major support levels.
Nifty Weekly Closing below major Support levels of 4900-4880 as well as below 38.2% retracement levels @ 4842.
For the week if Nifty sustains below the major support levels then next area of support expected around 4600 follow by 4450, on higher side interim resistance is seen around 4880-4900.

Note : Trade with stop loss.