Nifty closed in the negative territory in the last trading session in the last trading session and it has broken the previous swing low of 11,250 levels which is a negative reversal. The Index has started to form lower tops and lower bottoms and so now till the previous swing high is not taken off then trend remains down. The resistance on the upside is pegged at 11,525 levels whereas the support is pegged at 11,085 levels.
The stock has started to form higher tops and higher bottom with a reversal in its momentum indicator MACD. The Stock seems to have started wave III of wave 5 up.
The stock has been rising in an upward sloping parallel channel with an increase in volumes and buy crossover in its momentum indicator MACD. The wave III of wave 5 up seems to have started.
The stock has provided a breakout from the inverse head and shoulders pattern with a buy crossover in its momentum indicator MACD on the daily chart which is a positive sign in the short term.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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