When NPA's are rising, News articles screaming about bad asset quality ( we don't care about news also, lets put that aside now ) , Banknifty held its levels real Good & gave breakout yesterday, Now its time to aim for 25k's may take time with planned trial stops to avoid pullback stop hits, if you are planning for mid levels 24 k is your next target , Enjoy :)
Post bottom reversal, the stock has been trading in the Symmetric Triangle in intermediate trend running across weeks. The Triangle was breached with Bullish expectation, and the stock is righ now in tilted rectangle - almost like a flag consolidation amidst a rally. Would be expected to break out and rise with gap.
Once stocks falls in hands of trader. it needs lot of push to break the pattern. Ujaas is such example. People/traders used to buy at around 43 and sell at around 49. As many people started doing it. It formed another resistance at around 46. So some who got it at 50 (e.g. Myself) would avoided it if looked the chart to enter either around 43 or best if it breaks 52.