Not a time to rest, traders!

Since many months traders havent made money on either side because volatility has been unpredictable. But since last few sessions, Nifty seems to be giving some signs of clear trend in near future. As i had mentioned before, 6869 support had been crucial as it was on 200 week average and also a support level based on Elliot wave. Now a bounce back is sure but whether this a relief rally or start of new rally, that we shall get a confirmation only when we close above 7500. But till then, for time being we have got a small confirmation for a rally on daily charts.  As you all could notice on the attached chart, blue line outlines a ascending triangle and it has given a breakout at 7204 with a small target of 7460. But for this weekly target we can assume it to be at 7363 where we have untouched gap and also a small resistance line. So for time being stay long on Nifty with tgts of 7363/7460 and stop loss of 7180.


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