These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.
On the last post of the last year, I had mentioned that the Nifty may achieve just 6245. However, as is apparent on the chart, it paused very slightly on that level and then just rushed through.
In any case, it is still hovering around that 6245 level. We see huge sector rotation happening. The Bank Nifty was correcting in a small way today. The CNXIT index is truly weak, while other sectors were pushing the Index up to new heights.
Mainly led by the Metals and the Oil and Gas sectors. The manner in which the Index has shot up today suggests that the next range of targets is not far away. Yet, at this stage, I would inject a word of caution. The Index is showing greater than normal volatility. The reason for this seems the profit booking is on in various sectors. This could burn a few holes in short term trader’s pockets.
On the other hand, from a really longer term perspective, if this rising triangle breaks out, the sky is the limit for the Nifty. Well not exactly the sky, but we could see the 8000 mark on the Index.
Trade happy after planning your trade.
1 comment:
Sirji as the saying goes - First 8000 on the nifty and then the sensex ??! haha
are such type of corrections possible ?? first nifty then sensex ??
reg
ketan
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