Nifty getting trapped between two trend lines forming a pennant

11 Sep

Nifty is getting trapped between Two trend lines and will look to consolidate further till the trend line is broken on either side. In addition to the trend lines, Nifty is also trapped between Mother and Father line of 50 and 200 Hours EMA. Very interestingly poised Nifty with negative shadow of the candle. Immediate resistances are near 24970, 25027, 25130 and 25192. Above 25192 Bulls can start to breathe easy. Supports for Nifty are at 24885 are 24821. 24821 is the most important support as it is just below the trend line and also 200 Hours EMA that is the Father line. If father line is broken Nifty can further fall to 24751 or even 24527.