Nifty breaks out from consolidation phase
This whole week has seen Nifty consolidate trying to digest the strong upmove in the previous week. This is a healthy sign as even when the index is consolidating it managed to hit fresh highs. What’s more interesting is that the weekly chart is pointing out at another fresh breakout.
Projections indicate that Nifty is likely to move higher towards the 10800-10850 levels. While any decline towards the 10575 mark should be an opportunity to re-enter which is also the important near term support for Nifty.
Bank Nifty on the other hand is also making an attempt to gain momentum. The index has managed to break out afresh from a Symmetrical Triangle pattern on the weekly chart. On the daily chart the index continues to hold well above its crucial support zone of 24500.
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Via:: Stock – India Infoline