From the chart it is visible that the bullish move still has some strength left and today was a profit taking day hence the sudden pause.
The ascending channel for Nifty clearly shows a gap up opening of minimum 30 points.
Also, the bulls seem to be in control since price tried to break the lower line of the daily channel twice and retracted also indicating somewhat similar to a double bottom pattern.
Despite of the direction of the opening, the channel can be used as a support or resistance for the coming sessions.
The ascending channel for Nifty clearly shows a gap up opening of minimum 30 points.
Also, the bulls seem to be in control since price tried to break the lower line of the daily channel twice and retracted also indicating somewhat similar to a double bottom pattern.
Despite of the direction of the opening, the channel can be used as a support or resistance for the coming sessions.
Trade closed: stop reached