For Nifty lovers only.
Nifty on Daily charts if crosses 10370 on Monday(as the SGX suggests as of now) then it will be ready for the next extension level which is around 10482.
Nifty on Daily charts if crosses 10370 on Monday(as the SGX suggests as of now) then it will be ready for the next extension level which is around 10482.
Now the bigger picture.
Nifty on Monthly charts after 4 months struggle is crossing the Trend line which joins the tops of
Jan 2008 and March 2015 which is very very positive for the long term. It gives the long term target of 12000++.
Now if we join the tops and bottoms of 2008. The 261.8% extension is coming around 13000. However that will not come in hurry. We can see some serious correction before going to 12000-13000.
Concentrating for short term i am keeping the targets of 10800-11000. As shown in monthly charts by yellow line that will act as resistance. But if we fail to sustain above 10500 we might be heading for some serious correction. The quantum of which is still unknown.
Dislcosure: I am not a SEBI certified analyst so please take your own decision before acting on this call. Further i do not hold any position in Nifty/BankNifty Futures.
Comments
Post a Comment