Since Liquidity is High both Nifty and Global markets are trading at New Highs. Covid cases are decreasing and Vaccination Process is speeding up.
Nifty on Weekly and Monthly Charts, we can see Bullish Flag and Pole pattern with 11557 and 13667 as Pole (2104 points) and 14729 as Breakout area of Flag.
Hence Target for this pattern will be 14729+2104 i.e 16833
Nifty is clearly in Bullish Trend hence expecting this target to be achieved by July End
Slightly Late to Share this View hence my Stop loss is far away from current market price. However Trailing Stop loss can be used to ride this trend. Trailing Stop loss – below 15245 (Daily Close)
Disc. : Views Shared for Education Purpose only. Consult your Financial Advisor before taking any position.
Please like Share and Comment if you like our work.
Trade closed manually
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Since DJI is bearish same will impact Global Sentiments and Even Nifty may Start to Crack.
Better Book Profits on Long Positions or use 15582 or 15481 as Trailing Stop loss on Daily Close basis.
Below these levels Nifty may Crack at high Speed. Fresh View will be Shared soon.
Disc. : Views Shared for Education Purpose only. Consult your Financial Advisor before taking any position. Please like Share and Comment if you like our work.