pratiktech

Nifty trading with "Rising Wedge" pattern

NSE:NIFTY   Nifty 50 Index
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Nifty is trading in rising wedge pattern since 2008. Prices have touched lower band trice in 2008, 2013 and 2016, while it has taken resistance twice of higher band in 2007 and 2015. Nifty index is trading near its resistance line of Rising wedge around 10140 levels. Continuation of this pattern suggest that Index is ready for a healthy correction. We can expect that it may correct and touch to lower band of Rising Wedge pattern.

Moreover, Nifty has formed a Ascending Triangle pattern pattern from 2008 to 2014. Giving breakout suggest the target near about 10400, where Nifty is almost trading near about.

Recently, Nifty has formed a symmetrical Triangle pattern between Feb 2015 to Feb 2017 and giving the breakout signals that nifty next target after 10400 could be around 11230 or near about levels.

Conclusion: I do expect that Nifty will Correct once before moving to its target of 11230 and healthy correction could take prices once to touch near bottom band of Rising Wedge pattern. I would suggest to book profit in Equities as i am not expecting nifty to trade higher or sustain above 10400.

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