first of all in this chart we can see a breakout of rectangle setup in nifty . now we can see nifty has completed its 1st target i.e fibbonaci extension level. nifty achieved its first target and made exact high of 10242.85 though nifty has closed above breakout level sensex is yet to close above its previous high which suggest large caps movement is still due which we can see through bank nifty lag. banknifty at the end we can see +ve divergance in bnf which suggest we may see a +ve move in bnf and take nifty towards its new target and sensex towards a new high closing. strategy- any dip in market should be used to buy nifty for 10312 level. previous post-
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after correction nifty took support at previous gap , expecting a bounce
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we will see a breakout in sensex after4 months of rectangle formation. initial price target for the 3 month-long sideways consolidation stands at 34K levels.
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finally a big gap up and breakout . pullbacks should be used to buy for 34k targets
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500 point more for rectangle target in sensex
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a poll was made in my telegram group regarding same when nifty was at 10100 . everyone anticipated fall i.e going against trend and prntscr.com/h4o1cl. always stay with trend
I had much bigger target than this. As per pitchfork channel, it may face resistance around 10600 levels. Check out this chart.
kacharts
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@mdhaamu, bro these targets i post is just trading targets. and when we talk abt nifty targets for long term i disagree if anyone says i know where nifty will stop as its impossible to say where this bull rally will end . but yes we can assume at some point that bull market is at top but in number figure i dnt believe anyone can say just by seeing charts.
and yes i would like to say rally has just started ,till now market was moving on liquidity front (just a liquidity push) earning hasent picked up yet and this is how economy moves . so just imagine whats gonna happen when we will actually see earning picking up and it will happen soon .. and also i would like to say/ one more thing there has been many talks regarding pe that index is expensive but its not like that . first of all pe range has shifted upward (which i will be covering soon in next post how) and other thing is u just cant say whether index is expensive or not just by using pe as pe is misleading sometimes especially at the earning cycle bottom and top ( we r at bottom) so best tool right now from which we should analyse market is expensive or not will be marketcap to gdp ratio. which is near to .85. so market has lots to move till where we dont knw .
Trade-Wealth
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Awesome, I really appreciate your insights regarding overall economy. Sorry person like me are ignorant of economical front, those data's sounds like Hebrew or Latin.! I won't understand those so easily. Need lot of studies before defending on!
But simple thing is chart. Looking at chart i never be an ignorant as we all knew it is the replication or mirror of complete economic growth. So in a way we technical guys must be cautious whenever we foresee strong resistance. As usual we ever decide based on price directions. Price actions tells everyday new story. Interesting!!!
kacharts
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@mdhaamu, i m sending u one link (of my teacher )u wil understand everything u need to know . its no rocket scinece , after watching that link do tell me ur view..