Nifty: Expected to test 10900-11100

Daily Chart

From the above Daily chart of Nifty, prices are moving higher in a rising blue channel and currently trading above both the short term moving averages 20 EMA (red) and 50 SMA (blue). A bullish crossover is also seen from these moving averages. RSI on the daily chart is above the center line, thus opening positive possibilities.

The blue channel is drawn to understand the resistance for this index. However, the first resistance will be around the previous peak which is 10900 levels followed by 11100 levels.

From Wave perspective, the previous downfall was a three wave structure, the current up move can be a three wave or an impulse. So I have marked i/a followed by ii/b, currently the ongoing leg can be wave iii or wave c.

In short, Nifty is poised to soar near till 10900 levels over short term. Sustainable move can drive it further till 11100 over medium term.

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