A few nothing days on the index with no major indication coming. Levels to watch remain at 15800/15350 on downside and 16500/17200 on the upside.
As i have suggested before even if markets have to correct the index may give a false breakout above the rising wedge creating an illusion. If not then the index can go to 17700-18000 if its a genuine range breakout. Basically indications for the same would be given by the market. So wait and watch.
I had mentioned about this false breakout possibility sometime back at 14700 when the Technical chartist (Technicals is an Art — There is a difference between a hoarding / road painter and an Artist ) were again searching for a big correction.
Please do have a look at this chart posted on 23rd August suggesting a possible breakout above the trendline. Guess what — We went long on specific stocks for the same period and now we are a little cautious……