India equity benchmarks have been in a steady uptrend. For the past few months the BSE Sensex index and other equity benchmarks has been in a sideways consolidation. These short-term consolidations can prove to be bullish continuation chart patterns if resolved on the upside. On the long-term chart of BSE Sensex Index, 30K levels continue to form strong support. Long-term uptrend remains intact.
The weekly scale chart of the BSE Sensex Index shows the last few months sideways consolidation that is taking place between 31.1K and 32.5K levels. Breakout above 32.5 will be positive for India equities and will possibly add momentum to the existing uptrend. Initial price target for the 3 month-long sideways consolidation stands at 34K levels.
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