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Nifty

Its time for a life high as the index scales confidently above 15300. On its daily scale the index is one step closer towards its triangular pattern target placed around 15400 & the said move has unfolded within the expected time frame. On its 60 min scale we are observing a ‘Rising Wedge’ formation with its upper bound placed around 15440 with its pattern support been placed around 15210. The pattern is yet to confirm a breakout its corresponding RSI value has been falling & displaying a divergence but on its daily scale the RSI is far away from its overbought zone which compliments a likely breakout to be witnessed soon. Technically momentum traders should continue to hold their longs until its previous days swing low is not breached i.e 15160 on the flipside the index has further room towards 15440- 15600 which can be participated with large cap names while midcaps are expected to remain on the backseat from hereon

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