Trade –

Breakout (Entry) : 17429
Stop : Below 17250
TGT 1 : 17650
TGT 2 : 17871

Nifty has been in a correction since last few days with increased volatility. The index had been suffering gap-ups and gap-downs lately making it difficult for traders. Now, if we have a closer look the index has likely bottomed out with a reversal in offing credited to multiple pattern breakouts. The first one is the consolidation breakout where twice breakdowns have been negated by a subsequent gap up thus keep the index alive and ripe for a reversal, and with a breakout detected it gives a perfect long entry opportunity with good risk reward setup.