Breakout as expected with a trading Gap. Refer to my earlier similar case studies on RIL and Infy which broke out and see their performance so far. I am adding one more reliable technical study i.e. Andrews Pitchfork which shows that price has moved above the Median which confirms the validity of the breakout. Yet it is possible that price may pullback towards the breakout level to close the Trading Gap and gather steam to move up since major indicators are in Overbought zone. Moreover, in the beginning of the new series, traders may like to realign their trades in the light of Q1 results.
15 DMA: It has been observed for a long time that if Nifty moves far away (up or down) from 15 DMA, it may come towards it.
OI Table: for the August series bulls have taken a strong stand on 11000 Put with the highest OI. And bears have shifted their allegiance towards 11500 Calls from 11200 Calls. It means that bears are losing their confidence each passing day. So bull may face resistance at the range of 11450-80.
As I have mentioned earlier-- on weekly chart Nifty is having 5the Elliott Wave running.
It is important to note that Nifty has broken out on weekly chart also.
Dollar Index is moving down. Crude is correcting. USD/INR is correcting and now trading in a narrow range in the upper zone of the chart.
It is surprising how Nifty weathered high Crude price and heavy depreciation of INR against USD. Maybe Indian economy is on a strong footing.
15 DMA: It has been observed for a long time that if Nifty moves far away (up or down) from 15 DMA, it may come towards it.
OI Table: for the August series bulls have taken a strong stand on 11000 Put with the highest OI. And bears have shifted their allegiance towards 11500 Calls from 11200 Calls. It means that bears are losing their confidence each passing day. So bull may face resistance at the range of 11450-80.
As I have mentioned earlier-- on weekly chart Nifty is having 5the Elliott Wave running.
It is important to note that Nifty has broken out on weekly chart also.
Dollar Index is moving down. Crude is correcting. USD/INR is correcting and now trading in a narrow range in the upper zone of the chart.
It is surprising how Nifty weathered high Crude price and heavy depreciation of INR against USD. Maybe Indian economy is on a strong footing.