Day time frame
Currently market is in the supply area and profit booking can be expected in tomorrow's market. The market has formed ascending triangle which is bullish pattern.
Scenario 1: If the market breaks the level of 2160 and stays above it will create another buy signal with a stop loss below the trend line. The pattern will be invalidated only after it falls below the trend line. Ascending triangle pattern leads to the target around 2480-2500 but before that we can see minor resistance around 2350-2390.
Scenario 2: Wait for market to be near trend line for new buy signal.
Dow Theory Basis
If the market closes above 2145 market will change its trend and series of HH and HL will be formed which indicates bullish trend. Until this series continues, we can say market is bullish on daily basis.
Monthly Time Frame
With only 1 day left for the month to end we can see a good green candle in this month with buying pressure and almost no selling pressure in this month as on today. Previous analysis continues on monthly frame.
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