Nifty formed four continuation gaps in the previous seven trading sessions and looking at the weekly structure, it may continue its ongoing bull ride.

On November 11, Indian bourses opened positive following global trends and swung on both sides throughout the day.

Nifty trimmed its initial gains and drifted more than 100 points from the day’s high but cut its losses, closing near the high in the final hour of the trading session.

After eight straight sessions of bull run, Nifty has formed a bearish ABCD harmonic pattern on the daily timeframe which is placed near 161.80 percent retracement from its previous intermediate low of 11,535 levels.

Momentum oscillator RSI (14) on the daily chart has risen above 75 levels which is an overbought zone.