pratiktech
Short

Nifty Trading in "Rising wedge" pattern

NSE:NIFTY   Nifty 50 Index
Nifty 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.

Recently, Nifty 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.
As expected, Nifty got reverse from 11171 levels.. which is quite near to about its Triangle Target.
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