Can Sensex, Nifty breakout this week? Check support, upside target levels

Indian benchmark stock indices, the Sensex and the Nifty have been consolidating for the last seven weeks; Will the RBI jumbo rate cut trigger an upside breakout? Here's what the charts say.

Equity benchmark indices - the Bombay Stock Exchange (BSE) Sensex and the National Stock Exchange (NSE) Nifty 50 index witnessed a consolidation in the last seven trading weeks.  On Friday, the market ended on a firm note after the Reserve Bank of India (RBI) announced a higher-than-expected interest rate cut of 50 basis points (bps), and a surprise 100 reduction in the Cash Reserve Ratio (CRR) in a phased manner. Is this news good enough to trigger a breakout on the upside for the benchmark indices? Here's what the Sensex and Nifty charts indicate.  Catch