Nifty has been consolidating for the last few weeks. It is a very difficult phase for index traders. Individual stocks have their own trending periods. Nifty now seems ready for a breakout.
A break above 16,000 should set the stage for 17500. The setup is bullish and all the moving averages are aligned. Bank Nifty seems particularly bullish and should outperform in this rally. We will have a separate post on that later.