The Nifty gets a breakout.

After remaining in a narrow range for 11 trading days, the Nifty finally broke out from the 4950 resistance. The pattern targets for this up move are 5100 approximately. Only the markets can determine if the Index will reach these targets, but, as traders, our job is to follow our setups. My trade was to go long on a breakout. I anticipated this breakout by actually going long in the Nifty on Friday itself. The position was disclosed on CNBC-TV18 at 2.30 PM on Friday, when Udayan asked me about my Nifty views and positions, if any. It was repeated today morning at 8.20 AM.
Readers can ask this question: Is it wise to anticipate a breakout and take an advance position?

The answer is: No. Never anticipate a breakout / breakdown. Let the market first tell us where it wants to go.
In all fairness, the second question should be: why did I take the trade? Well, I have been trading for many years, I have the discipline to correct myself if I go wrong. And, the rounding lows pattern being made in the Nifty after a decline of 800 points did suggest that the Index would move above 4950 resistance.