Nifty - Make or Break

Nifty (CMP: 6091.85) : The action formed an indecisive candle with decent volume which signifies tug of war between bulls and bears / lack of momentum. Expiry ended with high volatility. Technically, the index has tested lower pitchfork line (marked as red color) and bounced back with bullish candle on the hourly chart which indicates pull back on the cards. If the trend line resistance level of 6130 breaks, then index could travel towards 6210 – 6260 levels which is 100% - 123.6% projection level of a - b. The daily oscillators are placed in neutral, but the hourly oscillator’s has given positive crossover which suggests that index could break the resistance. For Elliott Wave perspective we need little more price development to confirm the future roadmap.

Bank Nifty support is placed at 10890 – 10750 level. Resistance is placed at 11250 – 11400 level. Bank Nifty is heading towards 11315 - 11515 levels. Overall, index has consolidated between 6030 – 6130 levels. Traders can buy above 6130 for the target of 6210 - 6260 levels with a stop loss of 6030. We need a confirmation of break out or break down.