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.
Comments
Nar
⋅
Good Analysis. NiFTY should expect short term correction followed by bull run to 9200 territory!
iamvaibhavkr
⋅
@Nar, thanks, yeah agreed because currently very overbought
kailasp4u
⋅
Alternate view!
iamvaibhavkr
⋅
@kailasp4u, that's nice, this view will also take nifty around 10000.
biswapriyo90
⋅
Buddy this is not a valid pattern...HEAD & SHOULDER IS A REVERSAL PATTERN NOT CONTINUATION PATTERN....THIS IS INVERSE HEAD & SHOULDER..IT CAN NOT CREATE AT THE TOP....THANK YOU
iamvaibhavkr
⋅
@biswapriyo90, bro in some cases it also work as a continuation pattern
pk29121976
⋅
ya its bull run ..
agree , my target is also 10000