$NIFTY Breakout in progress. Relative strength with $DXY @ 100.

NIFTY has been in an uptrend after a considerable period of time spend between the 100-Day and 200-Day SMA. IN my last blog on 17th Aug, I predicted that we have no bullish pattern on the chart and we should be first targeting the near term goal of 25300 in $NIFTY.

NIFTY: Failed breakout, no bullish pattern visible for NSE:NIFTY by RabishankarBiswal — TradingView

At that point of time, I was bearishly optimistic. But the index has paid its penalty and after spending a considerable amount of time from Aug to Oct between the 100-Day and 200-Day SMY the index has gained momentum. And to my surprise this has happened when DXY is touching a new near term high of 100. This shows that there might be more upside to the index provided the DXY stabilizes and underperforms from here. DXY might find it very difficult to cross above 102 and stay above the psychological level of 100 in the medium term. In that universe we can easily see NIFTY reclaiming the old highs of 26300 and probably marching ahead to 30000.

Trade Set Up: NIFTY breakout confirmed. NIFTY to cross above 26300 by year end and march higher into 2026. Watch DXY for more positive momentum.