ashwinjain1

ashwinjain1

After a strong upmove since April 2020, Nifty had moved into a consolidation phase in October 2021. This consolidation seems to be finally coming to an end with Nifty trying to break out of a cup-and-handle pattern spanning over 20 months. 20,500 next?

ashwinjain1

An inverse head and shoulder pattern is seen on the hourly chart of NIFTY50. The index broke out of the pattern, re-tested the neckline/breakout-level and has bounced off of it. Medium-term target - 11,150-11250.