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Nifty

The index has witnessed a breakout from its recent triangular contraction & also above the crucial 15040 mark. The ongoing contraction move exhibits the characteristics of a classic triangular formation with its apex now at 14850 which would now server as a key support zone to determine the strength of the recently unlocked directional up move. The pattern also provides a likely target zone been placed around 15400-15500 zone. Also since it’s a classic pattern it also provides a likely time target to be expected for the wave to complete its up move ; ideally its been observed that the move its complete within the apex zone. Hence its ideal to retain your aggressive directional longs at least for a week from hereon to optimize on the opportunity presented. 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 within a week; while 14800 remains a vital support for gauging the ongoing bullish trend.

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