Nifty yesterday perfectly traded between the 2 trend lines as shown. Given positive world cues, it is expected to trade higher. Supports at 5185,5150 and resistances at 5245, 5270. Also 5245-50 is the channel's upper trendline. So it is going to be tricky. But uptrend still. Currently the channel looks like a rising wedge to 5340 or so, but if we break the upper line, then this could become a parallel channel. But it still feels like we cannot keep going vertically ( why not ). So a correction might be due to the bottom of the channel to 5150-90 and then go up again to 5350. Today'a action will be interesting.
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