Nifty on hourly charts today broke down from a triangular pattern. Minimum targets of that pattern are around 9660-9650, which is 3% from the previous lows so if we bounce from there it will confirm a double bottom.
But the maximum target of that pattern are around 9420-9400(June lows).
Remember 9655 is 5 month SMA as of now so if 9650 breaks it will not be a good sign. Read my earlier posts for importance of 5 month SMA.
Disclosure: I am not a SEBI certified analyst so this is not a sell/ buy call. Please consult your financial adviser before acting on this call. Further i do not have any position in Nifty futures.
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