NIFTY_Weekly_Analysis 06-11-2017 Double bottom – Target 10600 in Nov

Nifty continues on the bullish run .The same flag pattern which we had uncovered is also a Double bottom pattern but Continuation Double bottomdb

Image Courtesy: https://protrader.org/blog/trading-with-reversal-patterns-double-topdouble-bottom-in-the-protrader-platform

So based on the pattern we can draw following conclusion:

Target
The depth is between levels of 10150-9700 so =450
So our logical target based on the pattern will be 10150+450= 10600
Time
The Pattern forms between 31 August 2017 to 15th of October 2017 so time is 2.5 months (~75 days ), In Double Bottom chart pattern targets are generally hit in 1/3rd time of the pattern formation , so the time taken to hit 10600 will be 75/3 = 25 days 

Next Support : 10200
Next Resistance: 10500, 10600

Option Strategy  Bullish Credit based Strategy like  Bull Put Spread 

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