Good Morning Friends,
It was a great breakout which came with conviction. On daily chart it gave a contraction in volatility pattern which normally favour the rise. From now onwards even 15900 will act as strong support so it may be the best possible risk reward ratio in favour of bulls.
Even if it breaks occasionally then also up trend will remains intact and can be bought in any possible dip. It is very unlikely to expect break below 15670 levels.
On higher side we can expect a possible target of 16400 to 16500 levels. It is that kind of strong pattern which can give as big as 1000 point of rally.
Hence, there is no possibility to trade short. If one want then can be a contra trade.
Hope in coming days we can expect more firm signals now.
Happy trading,
Praveen Kumar
