Nifty formed an Ascending triangle with good harmonics as I have mentioned in yesterdays post. But it didn't give good breakout from the triangle with confirming volumes. Target for this triangle is 4756 levels.
Nifty Chart - Daily:
Nifty formed a Trading range from last 2 months, yesterday it broke out of the range, but the volumes and the spread of the bar are not convincing. Need to be cautious with taking up immediate long positions.
Nifty Chart - Hourly:
Nifty gave break out in the last hour of the trading section after good consolidation. On the higher side it may reach up to 4760 levels, as it is the target for the Ascending triangle. Above which 4800 - 4820 may act as next resistance. If 4820 is broken expecting 4900 levels in near future.
On the lower side it may take support from the 4710 levels as it was a good resistance previously. Below which 4680 - 4670 may give good support. Below which Nifty may drift down to 4610 levels.
PS: Did not add positional long trades above 4700 levels to my present holdings, as volumes are not very convinsing in the upmove.
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