Stock Market Tips, Nifty on track to hit 9,550 levels; 5 stocks which could give up to 30% in next 6 months

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The Nifty registered a resolute breakout past the upper band of narrow consolidation range to signal the conclusion of the healthy consolidation phase and resumption of the upward momentum.

The sideway consolidation over the preceding eight sessions represents a Flag pattern on the daily chart. A flag formation is a bullish continuation pattern which marks a temporary pause after a strong up move as bulls gather steam before the continuation of the upward momentum.

The index has witnessed extended time-wise consolidation, while price wise it retraced the preceding three sessions up move (9,088 to 9,367) by just 38.2% over the last eight sessions.

It indicates a healthy consolidation and highlights the overall robust price structure. We expect the index to extend the current up move toward 9550 in the short-term as it is the measuring implication of the bullish flag pattern.