View: It was a good day for the benchmark Nifty
index as it extended its rally further. A look at the 75-minute chart suggests that prices are on the verge of a break out from an ascending triangle
. The underlying short-term trend is still very much up and a break above this triangular pattern will set in fresh buying impetus for the index and the overall market. However, we should not forget that in the last two months the short-term trend has been fairly volatile and so we will continue to trade cautiously on either side of the market and stick to short-lived trades only. In terms of levels, a sustained close above (14,900–15,000) level for the index will set in positive sentiment for the overall market.
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Trade Well. Trade Wise.