The 15-minute chart of the India 50 (also referred to as the Nifty Fifty) had been consolidating into a narrowing sideways range which was confirmed by the two-bar Autochartist Initial Trend reading. This market cycle, known as accumulation, is ideally suited to setting up an Autochartist Initial Movement/Momentum (AIM) trade - when the next wave of market sentiment - bullish or bearish - moves prices through either support or resistance. In this case the break of the Triangle pattern alert occurred when prices rallied through the downtrend line resistance at 5420 (E). This triggered a buy with very strong bullish momentum at the pattern break.

The likelihood and speed with which prices will trade towards the Forecast area between 5444 and 5462 (F) can be determined by the Breakout reading which, in this case was at the maximum of ten bars. Look for the 15-minute time frame to continue higher to the Forecast area resistance, but be cautious of the previous resistance at 5340.