is trading in rising wedge
pattern since 2008. Since 2008, Nifty
has taken support thrice of lower band in 2008,2013 and 2016 while resistance has been taken twice in 2007 and 2015. Nifty
is trading near the higher band of Wedge
and it is likely to take resistance for the third time since the pattern has been formed. If price takes resistance then we may see a healthy correction till prices touched to the lower band of Wedge
and it may be around 8500 to 8800 (approx).
Moreover, It has seen in the chart that prices had formed a Ascending triangle
between 2007 to 2014 and breakout of the same suggest that nifty
may touch higher till 10400 around levels.
has formed a symmetrical triangle pattern
which was formed between Feb 2015 to Feb 2017,which suggest the prices could trade higher till 11230 or near levels.
Conclusion: It seems that Nifty
may correct once and touch lower band before moving higher to touch 11230. I suggest to book profit and exit once as Risk-Reward ratio is not in favor.