Nifty has been forming higher tops and higher bottoms - HDFC Securities
* In the starting of the current month, Nifty registered a fresh all time high of 22419.
* During the last week, Nifty found support on the upward sloping trend line adjoining the swing lows of 24th Jan 2024 and 14th Feb 2024. After finding support, Nifty has broken out from the ascending triangle pattern on the weekly chart, which indicates continuation of an uptrend.
* Nifty has been forming higher tops and higher bottoms on the monthly charts, which indicates bullish structure on medium term time frame.
* Indicators and oscillators like MACD and RSI have turned bullish on the weekly and monthly charts.
* Short term resistance for Nifty is seen at 22600- 22700. ? However ascending triangle pattern projects the upside target of 23100 in the short term. Supports for the Nifty is seen at 22200, while positional support remains at 21800.
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