NIFTY Flag Breakout Hints Continuation

Indian markets have started a longer term Bull Run that is likely to remain continue for 2-3 years. NIFTY spot opened with a small gap on Tuesday and closed with positive note. Prices has climbed above resistance line of a flag consolidation and hinting more upside. A hidden bullish divergence is clearly visible on stochastic that is also sporting factor for bulls. We have drawn a dashed trend line by connecting May 30^th low 7118.45 and June 27^th Low at 7482.30 that is expected to provide a good support in coming days. Areas of 7531 and 7480 are likely to remain strong support as these areas are supported 10 days SMA and rising trend line. Resistance is now placed at 7665 and then at 7700 decisive closing above 7700 would call for a rally towards 7900-8200.

Recommendation: Staying long or buying Nifty around 7600-7580 with stop loss below 7480 for targeting 7900-8200 and more upside might be appropriate in coming days.

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