#117 Nifty Update: Housefull 3 running successful over INDIA

Confused reading the Headline??? Hahaha... This time its not the Bollywood movie but its the NIFTY chart.  Reason for my name "Housefull" today was as you can notice in the chart the consolidation on NIFTY in the triangle is coming almost to the apex. This calls for a breakout on either side. For the people who arent aware, triangle is a consolidation pattern meaning trend haults on the move and continues the previous move. Our previous move in this case is bullish and as by rule we should witness bull run further. But all the rules are with exception or you can say with a risk. Triangle sometimes gives a reversal sign. Today D subbarao gave 50bps cut but still NIFTY couldnt cut through the triangle on either side. Global markets are mixed with cues on both side so fundamentally we are not able to decided the further move. Technically speaking we have chances of upside breakout at the moment. The indicators which i study have turned their hands towards bulls today. 100 SMA (red line) is approaching 200 SMA (White line) to crossover which is a sight unseen for last 2 years which is a strong bullish sign. Tomorrows session would be the crucial one technically. Our strategy would be to close ur shorts at 5320 on NIFTY which is a breakout point but only go long on confirmation level which is 5350 i.e., a rectangular breakout within the triangle. But look out for the close tomorrow. If the close is below 5300 than gates could open for downside. Add more shorts only below 5170. CAUTION for SAFE TRADERS: This time on markets is too volatile and indecisive so think twice before taking any position or wait for confirmation level. Indian markets always gives second opportunity so never feel left out. Ciao!!!!!!