There is a high chance of Reversal below is the analysis. This is for only educational purpose and is my personal view.
1.In daily candle Nifty is trying to touch the bottom(10782) again formed on 5th Aug
2.Since 8th Aug is Expiry there will be high volatility. The volatility may be more due to this double bottom formation and Bullish shark pattern.
3.The entry for Bullish Shark is also falling in that area around 10700-10730. So if Nifty comes to that area there should be a stiff up move expected.Around 50-60 points up move can be seen.
4.Entry should be considered only if any bullish pattern is seen in lower time frame(15min/1hr).
5.Resistance for Nifty 10882 and support is 10700
6.There is a down wards trend line resistance on nifty, If it closes above 10885 Nifty will come to a short term bullish zone, which may take Nifty to 11250 in coming sessions.
1.In daily candle Nifty is trying to touch the bottom(10782) again formed on 5th Aug
2.Since 8th Aug is Expiry there will be high volatility. The volatility may be more due to this double bottom formation and Bullish shark pattern.
3.The entry for Bullish Shark is also falling in that area around 10700-10730. So if Nifty comes to that area there should be a stiff up move expected.Around 50-60 points up move can be seen.
4.Entry should be considered only if any bullish pattern is seen in lower time frame(15min/1hr).
5.Resistance for Nifty 10882 and support is 10700
6.There is a down wards trend line resistance on nifty, If it closes above 10885 Nifty will come to a short term bullish zone, which may take Nifty to 11250 in coming sessions.
