Nifty has been making a partner for some time now, If you look closely, it is a Bearish Retrangel pattern. Although it has broken the above resistance level, it is a bearish partner in terms of price action. There are chances of Nifty falling from here. According to us, if the market was falling from here, short nifty from here. your first target will be 16295 and the next target will be 16250. Use stop loss of 16390.
Or if the market takes resistance breakout seriously, then the nifty will be bullish. Buy nifty adobe 16390. Here your target will be 16450, 16615. Use a strong stop loss of 16320.
I know here I am giving a confusing statement, but when we are looking for a trade, we always believe in professionalism. Our focus will be on “Trend is a friend”
regards,