Well, I never expected Nifty to hold the 60xx levels during the correction (previous post here). As usual, Nifty did what it had to – a nice bounce from the levels albeit after a bit of teasing by going below 6000 levels. While Bulls are still not out of the woods but, the Bears have long way to go for touch-down. If Nifty manages to convincingly take out the previous top, then tagging 70xx levels might happen in jiffy (within 6 months – we know the 2014 election results then). It looks like the bullish scenario will pan out, quite a rosy picture for the bulls. But, I’m just trading and refraining from exploring any investing options.
Charts below …
NIFTY Daily Chart – The highlighted areas is the range NIFTY will play till the breakout happens. I think if NIFTY breaks out of the 6250-6300 upper range then the lid will give away in no time. Break out on the lower side gives Bears an hope but, no Advantage. The chart is refresh from previous post mentioned earlier
NIFTY Monthly Chart – This Chart really got me thinking, my entire premise for being bearish was wiped out in the last 2 months of the NIFTY move .. can you tell me what was the premise for me being bearish? Also, why I think Nifty can scale to 70xx within 6 months if it takes the top out?
Trade Wisely, Invest Safely !!!
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