HanishT

Nifty 50

Long
NSE:NIFTY   Nifty 50 Index
Nifty 50 - CMP 14617
Nifty is currently trading within a range bound channel and can see forming a bullish flag pattern on the chart. As it's a bullish pattern , one can expect a breakout on the upside followed by a move similar to the length of the prior pole. The current pole measurement shows return of approximately 12% which gives approximate targets of 16500-700 (of course with some pull backs). The view is valid until it does not give a false breakout or a breakdown on the downside.
Comment: Nifty currently at 14923 and 300 points up since suggested for long. It has also broken out and closed on the upper side of the channel, so moving out of the channel as well as taking out long time resistance at 14883. Next resistance is at 15050. Lets see if it is able to sustain this breakout or not. In my view 14883 and the upper trendline of the channel should be considered as an important immediate support levels.
Comment: So today nifty closed at all time high of 15435.65. After breaking out of the channel and resistance of 14883, it re tested the same levels for support and then continued to move upwards. From here on, 15330 and 15250-270 can be considered as important support levels for continuation on upside towards are next targets. The next possible targets would be 15600-15850.
Comment: So the target of 15600 is also achieved. Nifty has made a high of 15705 today. Lets see if Nifty towards it's next target of 15850 from here.
Comment: So Nifty has made a high of 15800 followed by a quick fall towards 15566 which filled up the pending gap at 15576 and has taken support at the same. Now 15576 and 15431 should be considered as imp support levels for any upside continuation.

Comments

pole too small. invalid
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HanishT revanthchalamalasetty
@revanthchalamalasetty What should be the length of the pole ?
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@HanishT, flag shouldn't be bigger than pole. Most traders like it when flag is not more than half the size of pole.
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HanishT revanthchalamalasetty
@revanthchalamalasetty Great thanks for sharing your point of view.
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