There is a Cup & Handle formation in Nifty daily chart and the breakout in the chart indicates bullishness of the stock market in near future. Nifty made yearly high at 5198 but unable to stay 5182. According to technical indicators, it can be expected that Nifty may cross 5300 in near future but before that Nifty has to stay above 5182 on daily closing basis. Next resistance appears at 5216. Breaking of 5216 may lead the Nifty to 5302 and Next 5442. If Nifty unable to stay above 5216 then it may be range bound between 5200 to 4935. Nifty daily and weekly charts with indicators are given which indicates absolute bullishness. Now we have to keep watch on volume. Only volume can save you from falling into bull trap.
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