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Nifty

On its daily scale the index looks mature for a breakout above 15040 zone. The ongoing contraction move exhibits the characteristics of a classic triangular formation with its apex now at 14830. The ongoing pattern target coincides around 15400- 15500 zone. Hence the expected immediate respite for the index would unfold once the 15040 (breakout zone) is surpassed which in turn could unlock the much awaited directional momentum play towards 15500-15600. While on the other hand the key pivotal support is expected to elevate from 14400 to 14800 once the index registers a confident price play above 15040. Incase if the index fails to sustain above this elevated support zone near 14800 during this week it may result into a pattern failure. Traders should continue to focus on adding longs as the index is expected to scale towards 15400-15600 in no time, while 14400 remains a vital support for the ongoing bullish trend

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