Nifty Analysis: 18-05-2023
Today nifty settled under 200ema as expected. Reliance Industries Ltd is also settled under 200 ema. Further H&S pattern has formed.
Scenario 1: If the trend continues tomorrow (18-05-2023), then the trend will be extended up to the 17765 level in the upcoming week. (I expect a gap down tomorrow)
Scenario 2: If the H&S pattern fails tomorrow then first, it moves up to the 18263 level and will reach the 18458 level
Today nifty settled under 200ema as expected. Reliance Industries Ltd is also settled under 200 ema. Further H&S pattern has formed.
Scenario 1: If the trend continues tomorrow (18-05-2023), then the trend will be extended up to the 17765 level in the upcoming week. (I expect a gap down tomorrow)
Scenario 2: If the H&S pattern fails tomorrow then first, it moves up to the 18263 level and will reach the 18458 level
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.