Nifty breaks out of the channel with a golden ratio trade.

Nifty Pre-Market View.

"Day Channel support held"-Buying @ Channel support, the simple technique of "Trendlines" works.
"5278" & 5296" are the last two peaks above which strength returns.
Above 5302, 20sma positioned @ 5326-31.
Nifty, managing to close above "DLEma @ 5235" signaled a "Pause/reversal" possibility, considering the context of "Channelled correction reaching the "Channel bottom".
"5295"-WEma, a close this would add to Bull power.
Sustaining 34Hr sma is needed for the day for this reversal based on OS Day & persisting +ve div of Hour.
Nifty has done "i & ii" yesterday, "iiird" poised to start.
One ED done, anothe ED may be unfolding.

Nifty breaks out of the consolidating channel firmly.

Nifty's intra bounce from short term "OS".

Though the weekly channel has held as per week end analysis, a follow up price action is required to confirm any kind of reversal. There are many channel lines @ work. There is a daily channel support coming @ 4980-5000.
Today's bounce off the lows (5057) to the highs (5138) may be treated as a technical bounce from "Over Sold" conditions. Prices having come far away from the "averages" get pulled back towards them and on touching the same(if possible only), they will continue their downmove or may pause for a day before deciding the next course of action. 5170-5185 has acted as a top on many occasions earlier and the same may act as a maximum resistance if not 5200.

Nifty-The big picture..!!

The current week's move clearly out of the simple sloping down channel. More gains to be had in the coming weeks.
Volume based buying is being seen.
For Positional traders, no better time than this to go long, if not done earlier. That explains the slowly increasing April Premium.

I have reworked on the counts, looking at the overall bullishness..

Nifty in Channels

Nifty on the settlement day generally closes close to the trend of that month which is up for this month and trading close to the high of this month.Nifty which outran itself in the 1st wave up(3790 to 4540), is spending time filling the gaps (4260 to 4370). Once it clears 4378, it should move up smoothly. Hourly technicals favour the same. Tomorrow's move should confirm the daily turning up. Channels have helped to trade the Nifty. Today it broke the downward channel at 11.30 AM at 4270 & given a buy.Since it is the 3rd(or "C") wave, trade up till we see price behaving differently.