NIFTY Nifty has given a Break out from falling channel and also taken out the budget day high.The Break out is not at all convincing since the volume is missing. You can read it from the chart that last couple of days of moves were backed by low volume.
It is rather looking like a short covering. Going forward Volume profile suggest stiff resistance at (18080 -18120) levels.
Caution is advised and it is better not to chase the present up move.
You can see that price is now at 0.618 levels and could face some resistance look for a pullback to 0.786 which is at 17800. A base has also been formed there, Which will also offer a good Risk/Reward
NIFTY Hourly time frame VCP pattern is completed and given a break out above budget day high. As mentioned above the break out is not convincing. Wait for a pull back.Good Luck
ノート
As mentioned yesterday resistance at mentioned levels.
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