03 June Intraday Chart

- Nifty Gapped up and hit 8262, which is a Mid point of R1 and R2 pivot. 

- Short trade would be a prudent as Nifty didn't cross 8262 whole day.

- Short entry marked on chart by circles.

Nifty hit the Golden Ratio

Nifty hit the 8243, i.e 61.8% of 9119-6826 this week. Also this week Tuesday was a May month end and Nifty closed above 5 MHEMA after long 14 months which indicates the strength on higher TF now.

Coming week would be an interesting week to see whether price could surge ahead or show some correction.

BankNifty gave a flag breakout on Weekly Chart

Same as Nifty, BankNifty also broke the TL in 3rd week of April, since then prices consolidated in range of 847 points for 5 weeks and this week gave a nice flag breakout.

BankNifty should achieve 19809 in coming 4 to 5 weeks as per Flag Pattern calculation. Pattern negation point is 16950.

Nifty gave a nice flag breakout on Weekly Chart

Nifty broke the TL in 3^rd week of April, since then prices consolidated in range of 314 points for 5 weeks and this week gave a nice flag breakout.

Nifty should achieve 8844 in coming 4 to 5 weeks as per Flag Pattern calculation. Pattern negation point is 7938.

Though price closed above 89MA (8111), may find resistance and retrace before start surging ahead.