Nifty on the daily chart has given a breakout from Flag Pattern and is extending the gains on the upside. A flag is a Bullish continuation pattern that exhibits a character of fast-movement in the direction of the trend. Nifty has added almost 130 points so far in just 2 days and we expect it to further extend the gains.
As per price pattern, we believe 11480 – 11460 will be seen as the point of inflection for the short term as below that we may see a consolidation. The upward projection from this breakout comes to be in the zone of 11810 – 11910 and we expect Nifty to extend to these levels in coming days.
Subdued #Crude prices, higher rigs count, Fresh Talks between US and China along with Good inflows in last two series from FII and DII has given a lot of breathing space for bulls to extend the market and keep lower levels intact. We maintain Buy on dips as a strategy.
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