Comparing the near term charts over the past 3 years we can see that both Nifty and Bank Nifty have a habit of making new highs / life time highs just when the American Markets have seen new ATH's and are starting to taper off.
With the Dow and S&P having a had a phenomenal run over the past few days whilst our indexes have experienced what we can best call time correction i think we now are at the cusp of a massive move higher in both Nifty and Bank Nifty.
As Long as 19500 is held in Bank Nifty and 8600 in Nifty i have a strong feeling that we are all set for a move higher.
With the Dow and S&P having a had a phenomenal run over the past few days whilst our indexes have experienced what we can best call time correction i think we now are at the cusp of a massive move higher in both Nifty and Bank Nifty.
As Long as 19500 is held in Bank Nifty and 8600 in Nifty i have a strong feeling that we are all set for a move higher.
Trade closed: target reached:
Target hit in a day. Will update next idea soon.
Comment:
To all the people looking at shorting the index or bank nifty i suggest thinking again. This is not a repetition of the last time where it makes a new high and just collapses. Fiis and Diis are net index long. If anything look at buying on dips for further upmove.
