Chart Update: Pattern spotted on Nifty Daily Charts

Nifty spot: 7913

Nifty Dec Fut: 7915

Nifty spot on the daily charts has a bearish Head and Shoulders Pattern.

nifty-hns

The pattern has neckline near 7912, as per the principles of the head and shoulders pattern the first target is the gap between the shoulder top and the neckline which in this case implies a target of 7557. And as per the principles of the pattern the second target is the gap between head and the neckline which gives a crazy target of 6872.

Chart Update: is our series were we will share chart patterns spotted on the charts of Index & Stocks.

 

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