On 19 Apr there is breakout on daily chart which turned out to be falls breakout since from 23 Apr once again NIFTY is trading within falling wedge. So unless there is weekly close outside this wedge there will not be any significant move.
Keep watch on following levels ---
(A) FOR UP SIDE BREAK OUT
Daily close above 5342.45 will be first indication that there is possibility of upside.
Weekly close above 5378.75 will be more confirmatory sign for upside.
(B) FOR DOWN SIDE BREAK OUT
Daily close below 5183.5 will be first indication that there is possibility of down side.
Weekly close below 5135.95 will be more confirmatory sign for downside.
NOTE :- FALLING WEDGE IS BULLISH PATTERN ( SUGGESTING POSSIBILITY OF UPSIDE). BUT YOU NEVER KNOW SO WAIT FOR CLEAR CUT WEEKLY CLOSING OUTSIDE THE WEDGE.
DISCLAIMER: This Blog is meant for sharing our trading and investment ideas only and no calls to be taken as trading / investment recommendation. Visitors please do your own research or consult your advisers for safe trading, investing.
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