Finally, the Nifty futures has broken out of its narrow range of 4350 - 4525
Nifty opened on a weak note taking its cue from Asian markets, it opened @ 4424 and twice tested the 4395 - 4400 level on the down side.It manged to hold ground above 4400 level and rallied the whole day making a high of 4547 and closing @ 4532.
Nifty has broken an inverse head and shoulder on the upside by closing above 4525.The immediate target of this pattern is 4630 -4650 levels. Breaking of this will lead the nifty to 4730 area where it has a key resistance.
Our view: We are bullish on nifty from current levels and has a high probability of breaking 4730 and moving towards higher targets.There has been a positive close on the Daily and Weekly charts suggesting higher prices.And in the process, Nifty has managed to make a very strong support @ 4350 by making Double bottom.
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