Nifty is stuck in a triangle which is completing the last leg now.
Since this time the index has higher bottoms in place the top is somewhat horizontal line at 5580 levels.
As of now we are in the last stage of this formation as the daily band is getting smaller and smaller. Can look for breakout in next 3- 4 days. It is difficult to predict the direction as of now.
These kind of higher bottom triangle generally have upside breakout but I would not bet my money on it. I will watch the 5600 and 5400 levels for the direction of breakout.
Attached is the chart.
Since this time the index has higher bottoms in place the top is somewhat horizontal line at 5580 levels.
As of now we are in the last stage of this formation as the daily band is getting smaller and smaller. Can look for breakout in next 3- 4 days. It is difficult to predict the direction as of now.
These kind of higher bottom triangle generally have upside breakout but I would not bet my money on it. I will watch the 5600 and 5400 levels for the direction of breakout.
Attached is the chart.
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