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Nifty can scale new peak once 12,050 is taken out: HDFC Securities

Nifty is forming a symmetrical triangle with "shortall" in place on the daily chart, which indicates that the chances of bullish breakout is higher than the bearish breakout

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Vinay Rajani Mumbai
Nifty outlook

For the last 12 trading sessions, markets have remained directionless and consolidated in the range of 11,660 to 12,025. For the last two trading sessions, Nifty has been finding support at 21-day EMA. On October 27, Nifty reversed north and closed with the gain of more than 1 per cent. Nifty is forming a symmetrical triangle with “shortall” in place on the daily chart, which indicates that the chances of bullish breakout is higher than the bearish breakout. Immediate resistance for Nifty is seen in 12,000-12,050 zone and once that is taken out, we can expect Nifty to register new

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First Published: Oct 28 2020 | 7:59 AM IST

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