After making a good comeback in Nov. 18 series. From 10,000 levels Nifty continuously forming higher tops and higher bottom formation on the charts. Except a fall in december starting series due to election & RBI Governor Mr. URJIT PATEL’S Resignation from the department.
Technically, Nifty at current forming higher bottoms & lower tops which ultimately. resembles a symmetrical triangle shape, also which also shows a breakout above 10850 Levels, & gives a target price of 11100 on the higher sides.
But before this we may see some resistance coming at 11050 also.
If we take the tops & bottom of the previous fall that is 11750 to 10,000, the fibonacci level of 61% retracement also comes at 11100. Moreover, a bearish butterfly pattern also completes at 11100 levels.
Here is the snapshot: