April 22, 2016
- Nifty Month chart looking bullish after price breaking above the falling resistance line. But a breakout may not mean price moving up in a straight line. It may happen rarely But many times price comes back to test the breakout line before moving up again. In this case it may take many months of sideways action before starting to trend again.
- Daily chart shows resistance at 7980 levels. If price maintains the HIgher highs and higher lows then a breakout is possible above this zone. Immediate weakness if price falls below 200 SMA on closing basis. Bullish structure is negated if price starts to trade below 7500 and 7400 levels.