Nifty staged a good up move from 10000 levels in recent past. It closed near 10600 levels on the last trading day of this week.

Indian markets are showing good strength as compared to global stock markets. This strength is likely to continue in near future.

Nifty target

Looking at the hourly technical charts of Nifty, it looks like poised for a decent up move in short-term. It made inverse head and shoulders pattern on the charts and has broken out of this pattern.

The pattern projects a Nifty target of 10850 in immediate term. Short term traders can ride the up move around current levels of 10650-10680. Keep a stop loss below 10530 for the trade.

Hitting Nifty target of 10850 may open room for further up move towards 11300 on Nifty.

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