NIFTY - Bulls Flag, Bear's Wedge

Nifty - in terms of the enormity in which the bulls moved in last 60 days sums like this. Only 7 days a down days. In terms of weeks one week. In terms of Bi-monthly Nil. Bears had no chance to squeeze and show their presence and what remained was an intra-day dip. Week-ends and holidays did not help either. This is one of the wildest Gaps in terms of economic path and technical path divergence. While Technical clearly suggest large bottom process completion and move higher, the economic drivers either local or the global are not clear yet. Add to that the volumes story is not encouraging either. This can be construed as the rally on weak legs unless the volume based up move unfolds perhaps on stronger break higher. This is suggestive incrementally the profit taking would keep the space slightly volatile than what is witnessed in the last sixty days. A higher base of 17250-17750 or on the extension of bull move 17350-17850. Kind of 2% either side of the move on the current price action. For the day 17630-17580-17530 supports, supply 17730-17780-17800. 14800-15800-16800-17800 are the big figure hurdles on close basis and thus we are approaching on the other side of the pendulum. Bulls shouting at the Flag unfolding, while bears looking it as a wedge formation.