HNS on Nifty Hourly Chart Hints Retest to 5700

A classical head and shoulder reversal pattern has appeared on NIFTY daily chart which has broken its down sloping neckline support. According to this breakout primary targets for NIFTY spot would be around 5720-5700 zones. Pattern appeared with down sloping neckline and such kind of patterns are considered more powerful then flat or up sloping necklines. Traders can look for selling opportunities on jumps during the retest to broken neckline around 5940-5960 zones.

Recommendation: selling nifty on jumps around 5940-5960 with stop loss above 6000 on closing basis for targeting 5720 and more down side might be appropriate in short term.

Note* Levels are based on Nifty Spot analysis, Kindly adjust premium or discounts while trading Nifty Futures.

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