NIFTY forms triangle pattern! Check out where it could breakout.Nifty - Technical Analysis:
-Nifty ended flat today, after opening above 11550 it made lower highs forming a triangle pattern
-Closed at 11535, breakout to be seen from the triangle on Friday
-The markets traded with lacklustre volumes with no definite direction. If we need to see higher levels, we need to cross the resistance of 11600
Market - Driving Factors:
-Among sectors, buying witnessed in the IT, pharma, auto and FMCG pack, while bank and metal remained under pressure.
-Bharti Infratel, Grasim Industries, Titan Company, UPL and Wipro were among major gainers on the Nifty,
-While Top losers were: Bharti Airtel, ICICI Bank, Hindalco Industries, Axis Bank and Kotak Mahindra Bank
-30-34 Companies have received approvals for initial public offerings (IPOs) totalling around Rs 33,500 crore would be hitting the market soon.
Nifty - Outlook for Friday, 4th September:
NIFTY formed a descending triangle pattern in 1hr charts. If the lower base of the triangle breaks, then the trendline might be tested again. A breakout above the triangle will lead to resistance zone and crossing above 11600 could see higher levels towards 12000.
