indiamarketoutlook

Nifty: Fasten your seat belts... be ready for what comes next...

NSE:NIFTY   Nifty 50 Index
Nifty
Closing Price 13258

If we observe the current rally and co-relate with structure we saw in Jan - Feb 2020, we observe that it has completed a mirror image pattern to the tune of 50%

- the current channel size matches the size of red channel
- the upward slope in blue channel matches the downward slope in red channel

So far so good.... (When we had posted the idea Is Nifty heading towards 13240.... on 19 Nov 2020, this was the vision behind the idea...)

However the job is not done here. This only keeps me alert not to get too carried away. Although things look very bullish , there is a possibility of Nifty trying to retest sub 13000 levels. I'm not bearish as such but I am open to the idea of Nifty taking a pause before it unleashes the next level of up tick possibly some time early next year....

So on any dips I would keep an open eye to accumulate quality stocks to go Long.

Remember
"It is not who is right, but what is right, that is of importance." - Thomas Huxley and
we should always respect what price tells us. The pattern would get invalidated if Nifty closes below 12430 odd levels

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Best wishes
Take care & safe trading...!!!

Disclaimer:
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be