A Bullish Breakout Analysis of NIFTY

In the case of Nifty, the analysis of an ascending channel involves the following steps:

1. Identifying the Trend
Bank Nifty is in an overall uptrend, with a clear formation of higher highs and higher lows.
The upward-sloping channel is confirmed by drawing two parallel lines that contain the price movement
o The lower trendline (support) connects the series of higher lows.
o The upper trendline (resistance) connects the series of higher highs.
• The more times the price touches these lines, the more valid the channel becomes.