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The Nifty is feeling the heat at higher levels due to mixed global cues. We expect it to consolidate between 11,075 and 10,930 levels. Follow through buying is needed to initiate fresh leg on the upside above 11,075 levels.
Recently, the index gave a 'Double Top' buy signal on the Point & Figure Chart after closing above 10,876 levels. As per this pattern, the minimum target comes to 11,228, unless it closes below 10,600 levels. Confirmation of the pattern breakout suggests upside will continue in the future.
Although the Nifty is consolidating on the higher side, the moving average convergence divergence (MACD) line is an inch above the signal line, which shows that the bullish bias is intact.
On the daily technical chart, the benchmark index has formed a classical Flag pattern. After completion of a flagpole, it is currently trading inside a Flag consolidation. Once it gives a decisive closing above 11,078 levels, we can conclude the flag pattern and a breakout would offer targets towards 11,400 levels.
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