Watch for breakout from channel

Feb 6, 2019

NIFTY is attempting to break out of 11110 resistance. Early opinion polls and political situation will determine the movement in next 4-8 weeks. Support at 10970 and then 10500. 10,500 line is holding for over three years now, however, election times are very volatile in India.

Feb 11, 2019

Trade closed: stop reached

Breakout will have to wait !

Mar 6, 2019

Trade active

Another attempt at break-out. This time, the resistance has moved to 11200. Support at 10,500 was nicely held.

Mar 12, 2019

Note

Handsome break with a gap-up from 11200. Watch for a test of the break-out with pull back to 11215, before resuming upward journey.

Mar 25, 2019

Note

Revised value of pull back 11260. Will it pull back? Opinion polls have been predicting stable Modi sarkar, but things change rapidly, giving rise to huge volatility.

Apr 12, 2019

Trade closed: target reached

Pullback to 11215/11260 did not happen, so the confidence in the rally is low. A descending triangle from 11750 is threatening the rally with support at 11550. Perhaps its time to book profit and wait till the election results come out.