Nifty has closed in the positive territory in the last trading session and it is now expected to provide a breakout from the range on the upside. The only fear is that it can test the lower end of the range that comes at 11,530; hence that becomes the short term support whereas 11,690 is an immediate resistance i.e. the upper end of the range. Hence, it’s a short-term target.
The stock has formed a symmetrical triangular pattern which is a continuation pattern. The momentum indicator MACD has come well into the buy mode; hence the probability of an upside has increased.
The stock has provided a breakout from the falling wedge pattern and it has also completed 61.8 per cent retracement of the previous rise which is an impulse on the hourly charts, hence another impulse on the way up is expected.
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Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
 "buy")
