Nifty is at crucial resistance of 5950 levels. The index though gave signs of breakout from Bullish flag formation with gap up and good volumes as posted y'day.
The index on Point and Figure charts is also an interesting study at this juncture. The index is showing bullishness with a failed bearish breakdown and is now at triple top resistance.
If it breaks out from this levels then the target comes at 6100 which is also the target of bullish flag breakout.
But the final call will be only on touch of 5950 for spot when the breakout gets confirmed.
The index on Point and Figure charts is also an interesting study at this juncture. The index is showing bullishness with a failed bearish breakdown and is now at triple top resistance.
If it breaks out from this levels then the target comes at 6100 which is also the target of bullish flag breakout.
But the final call will be only on touch of 5950 for spot when the breakout gets confirmed.
There are multiple lines of resistances between 5900 and 6000 levels so the move can be quite erratic and frustrating. The ideal case would be good volumes at these levels
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