Nifty eyeing fresh breakout from consolidation phase: Vinay Rajani

Confirmation of breakout in Nifty would come, once it sustains above 15,000 levels

Nifty has been trading in the downward sloping channel since February 16, 2021. Trading in channel indicates that Market is passing through consolidation phase. During this phase, trend remain choppy and direction less. However, looking at the recent developments on the Nifty charts, it seems that Index is likely to breakout from the consolidation soon. Major reason has been the strong breadth in the Market. Strong Advance-Decline ratio in consolidating market indicates the chances of upward trend sooner or later.

Indicators and oscillators like MACD, DMI and RSI have shown some early sign of breakout in the Index. Daily