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Nifty

Nifty retained its price action within its previous days trading range eventually forming an ‘Inside Bar’ candlestick formation. The index may witness a pullback towards its pattern support zone near 21800 again before resuming its upmove. Its breakout on its daily scale exhibits a ‘Bullish Flag’ pattern formation complimenting the ongoing bullish secular move to continue towards its pattern targets around 22280 which coincides with the immediate significant options open interest cluster. A healthy time & price correction seems over as the index redefined the higher cluster support base at 21600-21500 zone which now serves as a good trailing stop zone for ongoing long positions. The trend failure would only be confirmed in case the index registers a consecutive weekly closing below 21530 level. Until then expect the ongoing bullish trend to continue upwards with regular bouts of volatility which will present dips for buying.

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