NIFTY - Triangle in the making!

Dec 20, 2016

Nifty may form a triangle on 120 mins chart. RSI as well as price are near supports suggesting a bounce. If it forms a triangle, risk-reward is very attractive here! As long as above 8050, view remains bullish targeting 8200+

Dec 21, 2016

Note

The view going well so far, NIFTY above 8100
SL remains below 8050!

Dec 21, 2016

Note

Index closed near 8055, just above mentioned SL level. Looking at very short-term trend, move till 8020 can not be ruled out. Index is not looking all out bearish yet. Long view remains valid as long as 8020 is held (120 mins closing basis)