A cup and handle pattern is visible in the upmove from 7511. A break sustaining above 50% retracement at 9971 will have a technical target of 12300.
A move below 8800 would negate the upmove.
The upmove from 7511 is also an expanding triangle so need to be vigilant about resistance at the upper trendline from where the next leg down could start.
Conclusion : Nifty is in a short term bullish move, within the longer term bearish trend.
The trend is your friend so be bullish now but keep vigil of the bear closing in !
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