Hi guys , HAPPY MAHASHIVRATRI
First of all let me tell you that most of you guys are long in nifty just because of the cup and handle pattern formed in nifty but its not a valid pattern you can confirm it on internet http://www.investopedia.com/terms/c/cupandhandle.asp
Now let me come to my analysis
Its the monthly charts of nifty where you can see a strong support/resistance trend line and also a inverse head and shoulder pattern which is more clear on weekly charts. so keeping this things in mind you can expect a target of 10000 within 6 to 12 months and any correction should be used as a buying opportunity. And please avoid my previous post of bank nifty where I am taking about major downfall. I think the beginning of new BULL RUN.
please comment below for your queries and let me know if there's any mistake in my analysis.
First of all let me tell you that most of you guys are long in nifty just because of the cup and handle pattern formed in nifty but its not a valid pattern you can confirm it on internet http://www.investopedia.com/terms/c/cupandhandle.asp
Now let me come to my analysis
Its the monthly charts of nifty where you can see a strong support/resistance trend line and also a inverse head and shoulder pattern which is more clear on weekly charts. so keeping this things in mind you can expect a target of 10000 within 6 to 12 months and any correction should be used as a buying opportunity. And please avoid my previous post of bank nifty where I am taking about major downfall. I think the beginning of new BULL RUN.
please comment below for your queries and let me know if there's any mistake in my analysis.