The index is one step closer towards its triangular pattern target placed around 15400 & the said move has unfolded within the expected time frame - Tradebulls
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Nifty
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 15375-15380 with its pattern support been placed around 15210. The pattern is yet to confirm a breakout but its corresponding RSI value has been falling & displaying a divergence. With monthly expiry around the corner with strong CE OI builtup at 15500 followed by 15400 it looks unlikely for the index to witness a breakout. While on the flip side 15200 PE OI looks firm & may not be breached, therefore expect the index to oscillate within 15350-15250 range itself.
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