The 50-share pack settled with a negligible gain of 1.75 points or 0.02 per cent.As evident from the charts, Nifty remains in an ascending triangle formation. A spinning top emerged, which showed the indecisive behaviour of market participants.The pattern analysis on the daily chart showed that Nifty remained in an ascending triangle formation. A move beyond the 10,950 level will see the index taking a directional call.Overall, if Nifty opens at or below the 10,950 mark, we might see consolidation for some time ahead.However, shorts should be avoided as the internal structure of the market remains intact. There is a high probability that even if the market chose to consolidate in a range for some more time, it may eventually move past the 10,950 level to attempt a breakout. (Milan Vaishnav, CMT, MSTA is consultant technical analyst at Gemstone Equity Research & Advisory Services, Vadodara.

Source: Economic Times January 20, 2019 09:45 UTC