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Nifty

Ongoing contraction /consolidation looks mature for a breakout on the upper side. So far the index has respected the bounds of the pitchfork tool. The recent swings from its mid-range saw multiple reversal formations viz Hammer, Harami & Doji etc which reconfirmed the strength in tools indicative support range. As seen in the below panel the RSI has already breached above its declining channel trend already & complimenting the expected price action to evolve soon. So expect the index to witness a breakout towards 16530 zone which can be participated with a stop below 15630.

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