Nifty may be nearing a temporary high soon.

Sep 17, 2017

Nifty is moving in a trending up-channel and has hit resistance of 10137 on the upper end of this channel. After a minor correction, the index has again moved back to 10100 levels, but this leg from 9700 to 10100 has been a laggard one with very less strength. Further new heights cannot be ruled out but this move will be capped till 10500-10600. This could be achieved in a month or two, post which Nifty should witness a fall towards 9200-9300 which would be 38% retracement of Nifty up move from 8000 to 10500.

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