Breakout from the flag failed on a closing basis once again after attempting it intraday. The island pattern gap which is normally a strong resistance proved it's worth with the Nifty unsuccessful in closing it fully. 5358 needs to be taken out for that.
Daily Chart II
Tried my drawing skills on a fresh chart and both patterns seem bullish. The red ascendling triangle and the flag pattern. OBV supports this by breaking above it's 14 March peak when nifty peaked at 5499.Key levels to be watched are 5378 and 5136 to be nearly sure of the immediate trend Though the Nifty is struggling to break out of the flag pattern it is neither breaking the support line.Breaking the ascending triangle either side could be the stops used for any long or short position held.
Half Hourly Chart
Intraday breakout levels shown on the half hour chart above.
Happy Trading !!