Nifty Daily Line chart:
Nifty 20 mins chart
Line charts as shown on Daily chart can sometime reveal very vital information. We can clearly see higher lows and higher tops formation thereby indicating short term trend as positive.
From 20 minutes chart, we can see that we were moving in a triangle formation thereby forming a very difficult trading environment for past few days. Triangles are always challenging to trade and one should avoid trading them since all legs in a triangle are corrective.
We can clearly see a strong breakout in the form of wave c of this a-b-c upside move yesterday which is now headed above 5200 levels.
Immediate resistance comes in at 5177 but we are convinced it will be taken out on upside this time as more and more people are expecting this to hold. Also it has been tested quite number of times now to hold valid this time.
In short, the trend up remains strongly intact as long as 5070 is not taken out on downside for move atleast near 5300 levels.
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