SGX NIFTY: Breakout or Breakdown?

Jul 5, 2020

SGX nifty has been in a triangle pattern forming a rinsing wedge. A rising wedge usually turns out to be a breakdown. The current scenario is a pretty confusing one as the prevailing situation are not favourable but in option chain analysis the market seems to be bullish. Likely to be a good watch this week in Nifty to understand correct move. RSI always above 70 has shown a fall in market and it seems unlikely now to see RSI crossing 70. If we see a breakout we will be seeing 11000-11200 in Nifty prety soon. In case of Break down 10000-9800 is feasible. Lets see how it turns out. Current levels to keep eye kn is 10700 for break out and 10200 for break down.