Capitalstars Updates: Nifty breaks out of a Cup and Handle pattern: 25 Dec 2017

Nifty has broken out from a Cup & Handle kind of a formation and also sustained above the same on the smaller time frame. This indicates that Nifty is all set to head towards the 10600 levels going forward.

Nifty ended with smart gains on Friday erasing previous day’s losses. In fact, the index also went on to surpass the 10500 zone for the first time ever. Nifty has formed a bullish candle on the daily chart and on doing a smaller time frame analysis, Nifty has broken out from a Cup and Handle kind of a formation and also sustained above the same. This indicates that Nifty is all set to head towards the 10600 levels going forward. Support is now upgraded to the 10380 levels.

Bank Nifty, on the other hand, has been a laggard and has failed to pass the 25750 resistance zone which is also the neckline of the Cup and Handle pattern on the smaller time frame. A break past the neckline would confirm a fresh up move for the index. Crucial support is placed around the 25500 zone.

Nifty IT was the star performer during the week and our daily chart analysis indicates that the index has broken out from a Symmetrical Triangle pattern. Even the heavyweights like Infosys, TCS, and Wipro are showing signs of an upthrust.

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