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  • Apr 29, 2022 - Here's Why the Nifty Infra Index May Break Above 5,300

Here's Why the Nifty Infra Index May Break Above 5,300

Apr 29, 2022

The Nifty Infra index has been outperforming the benchmark Nifty 50 index since the last swing low on 8 March 2022.

The Infra index is up 15% whereas the Nifty is up around 10% after taking into consideration today's gains.

The Infra index after breaking the 13 years consolidation. It's heading higher and its outperformance over the Nifty means money is flowing into infrastructure stocks.

I highlighted this bullish short-term breakout in my previous post. The index is on the verge of fresh breakout at 5,300 as per multiple chart patterns.

Nifty Infra Index Daily Chart

 

1. The breakout from double-top buy as per Point & Figure chart (blue lines in the chart).

2. The consolidation with the bullish column indicates the bulls are still in control of the trend.

The breakout of the high will trigger bullish momentum and the index will head above the previous high of 5,362 (black lines on chart). As soon it breaks above 5,300, it opens the door for 5,700-6,000 levels.

At present, the Nifty infra index is trading up by 0.1% at 5,200. GAIL, Grasim, and Shree Cement are the top gainers.

I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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