Moneyites May 8, 2019 No Comments

The Indian benchmark index NSE Nifty50 drops another 100 points today to 11497, after two days of the US President Donald Trump statement of raising tariffs on Chinese goods of worth $200 Billion from 10 to 25% form immediate effect.

The global market around the globe took the U-turn and trading in red after the US-China trade tension.

Nifty50:-Technically Nifty50 completed the Head and Shoulder pattern and closed below the support line in today trading tension. The Nifty index opened gap up but surrendered all the gains and closed near the days low.

The Nifty index formed a long bearish candle and large volume favours more downside in the coming time. The index crucial support of 11549 will now act as a resistance and holding below this level, Nifty may target downside to the level of  11460-11390-11320.

For now, bulls are resting above the level of 11549 above that it may test 11620-11670-11740 to the higher side.

The trade tension news may add fuel to the fire and add fresh selling in the market. Moneyites.com recommends selling at the current level and add further on rising till 11550 with stop loss above 11660.

 

H&S Pattern in Nifty50

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