Long- Nifty Infra Broadening Wedge FormationNifty Infra:
The Index was consolidating from April' 09 - Feb' 21 within a channel of 2164-3729 as upper and lower bounds respectively. After Feb'21 the index broke out from it's 12 year consolidation and had a steep surge to 5381 levels as 42.54% gain within a year on monthly charts.
Since January 2022, the index has been forming a Broadening Wedge Pattern in an uptrend and is near its crucial resistance of 5173 where it has faced some supply pressure.
The readings from indicators and Trendline support and resistance levels shows that index may breakout from from the upper bound of 5100 on trendline where it has faced selling pressures since 8 months now and the rally may take this index to 6046 levels within a year with a 20+% gain. The trend looks strong but keeping in mind any headwinds if supply side pressure continues in next month the index will again return to it's movement in the broadening wedge with 4200-5100 as upper and lower bounds respectively.
//For Research and Educational Purpose only
