We have two cyphers formation and one of them is hidden in bigger .
This is just trade idea, so both long and short trade scenario's are described.
If you are based breakout trader wait for valid breakout of (Short Nifty )
Pattern Traders can seize the chance. (Long Nifty )
Nifty is channeling right now, cudn't approve it as . So lets stick with channeling term.
If you ask me what I will do, I will go with patterns bcos slightly biased pattern trader happy with smaller consistent profits from patterns .But that doesn't mean patterns always gives you profits or Breakouts will be false ones.
So depending on what type of trader you are, choose the one of your choice.