A breakaway gap in Nifty

yesterday

Today's move in the Nifty can be called a breakaway gap - a pattern that often involves breaking out of a congestion zone to start a trend - more often than not, that trend is in the opposite direction. This means that breakaway gaps mark trend reversals. Toda,y the Nifty is breaking out of the previous falling channel and closing above the 20dma. If this gap between 23956-24135 is not closed, it will be a breakaway gap, changing the immediate trend from down to up after several weeks.