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pareshdevnani

Nifty PRZ trade plan.

Short
Indice Nifty 50 (NSE:NIFTY)  
pareshdevnani  
NSE:NIFTY   Indice Nifty 50
Harmonic Patterns Beyond Technical Analysis Chart Patterns harmonictraders PRZ reversal reversalpattern NIFTY nifty50 options-strategy optionstrading optionsstrategies
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harmonicpatterns beyondta chartpattern harmonictraders prz reversal reversalpattern nifty nifty50 options-strategy optionstrading optionsstrategies
Nifty formed a base on 9.5.2022 and has re-tested that base thrice. It gave a good bullish move after that and is trading around previous day high. The overall sentiment and trend of the market is still bearish. Also Nifty has formed a BEARISH DEEP CRAB formation and the PRZ level comes around 16450. One can take a bearish trade once Nifty touches 16450 with a SL of 16485 on a 15 mins closing basis. The reason for the SL is that 16478 is the SL for the harmonic pattern and 16484 is the high of 6.5.2022. One can keep the the following targets according to Fibonacci :-
T1 - 16404
T2 - 16375
T3 - 16352
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