==>> Nifty brokeout above the Island pattern

For the first time since May 2008, Nifty closed at 4782 levels. In the last few months, Nifty was trading in an Island pattern between 4375- 4748 levels. Nifty in the last 4 months, tried several times to close above 4748 levels, but could sustain the selling pressure. But finally this time the Bulls have made it possible. Indices closed at 15 month high. Sensex touched a new high of 16035. Before closing at 16016 up 327 points or 2.09%. Nifty made an intraday high of 4790 before closing at 4782.90 levels up 102 points or 2.19%.
In the early hours Indices opened up with marginal gains, but positive global cues, buying in frontline stocks and short covering, helped indices rally nearly 2%.
As mentioned in my last blog also, that the Upside move in the markets are more in sight, rather downside. As stated that the Nifty in last few months was trading in an Island pattern. And the breakout pattern through the triangle pattern, will take the Nifty to 4803-4836 levels. RSI has also turned positive, and MACD is also trying to turn +ve. Mid cap stocks were doing pretty well. Bears will continue to cover their shorts for sometime. Nifty will have resistance at the 61.8% retracement level.