Nifty has been going up over the last few weeks but in a wedge type manner. See the chart below.
After the initial rise which happened at a fast pace, the angle of ascent has decreased. It is now going up in a wedge like manner – the thing with wedges is when prices comes out of the wedge there is a big move. It could be up or down but the move will be big.
Given the breadth of the market and the continued FII buying, there is a good chance we breakout from the top but we should be open to all outcomes. Exciting times ahead!