Nifty Technical analysis/How to approach Nifty now?

This is the weekly chat of Nifty.In this chat we can see Nifty has a strong weekly closing.

Nifty is ready to take its previous high of 18887 made last year November series.

Here we can see rounding buttom pattern in the chat and it's break out level is Nifty previous high.If it breaks the level you can see 2000 point rally in Nifty as per the chat.

Now the question is will this break out happen?

I think it may happen.That doesn't means the 2000 point catchup rally also started soon.

The break out may happen but rally doesn't.Because after making a low arround 17000 level Nifty is continuously moving upwards and had a massive rally.

Now India Vix which is volatile index is at its low.

When vix at low and market at its pick with continuous movement,there is every possibility market will make a Top.

For next few trading season nifty will consolidate in range and regain its breath.

Highest call writting seen at 19000 level ,so we can assume Nifty will make a top arround this level.and a strong resistance seen at 18050level.

So my range for Nifty will be 18000-19000 for few trading season.

For now I can't see the break out in Nifty .So don't fall in trap tarde wisely.

Please comment what you think about Nifty.

Thank you

Debadata jena.

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