Nifty on the daily chart has witnessed a breakout of a downward falling channel pattern which was placed near 15,100.

Within the channel, the index had formed a rising wedge pattern, and currently, prices have halted near the upper band of the wedge pattern.

Nifty on the daily chart is trading above its 21 and 50-day exponential moving averages which are placed near the lower band of the wedge pattern acting as a crucial support zone for the index.

Momentum oscillator RSI (14) has witnessed a horizontal trendline breakout on the daily chart which is placed near 60 level, which indicates positive momentum is likely to sustain.

Bank Nifty finally breaks its consolidation range in which it had been trading for the last three weeks and on the weekly chart, it has witnessed a breakout of the downward sloping trendline and managed to close above the 50 percent retracement from its previous intermediate low.

We expect Nifty to trade higher as it sustains above its trendline support on the daily timeframe. Support for the index is placed at 15,050 while resistance rests near 15,430 which is an all-time high level.

The break of this level will open the gate for 15,550 as the index has broken its bearish setup created on the weekly chart.