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Nifty has formed an “Ascending triangle” pattern suggesting uptrend
Nifty is exhibiting “ascending triangle” on daily chart which is a bullish breakout pattern. It is moving near to upper trend line of the triangle and expecting a breakout on upside in near term. Resistance now seems at 6,023-6,040 (50 Days simple moving average) while support stand at 6,000-5,950. On upside if level of 6,040 breaches decisively then we could see rise up to the mark of 6,080. On the flip side if level of 6,000 is breaches then it could retrace down to the support of 5,950 mark.
However, Technical momentum indicators (Stochastic, MACD ) are currently showing mix signals. Stochastic is currently moving in overbought zone, showing negative crossover. Another momentum indicator MACD is supporting uptrend move. MACD showing positive divergence and crossing the signal line (9 Days exponential moving average) from the below, which is a bullish signal. Moreover, Nifty has closed above 8 Day (5,969) and 34 day EMA (6,014) which also provides support for it. From here, we can expect that Nifty is likely to trade between 5,950 to 6,100 in short term.
Technical Pick
1. Hanung Toys: (Buy)
2. BF Utilities: (Buy)
3. Core Project: (Sell)
4. Jindal Poly: (Sell)
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