We have completed the financial year of 2017-18 and ready to welcome the next financial year. Let’s have look on the last year profitability in nifty stocks and index.
Rally started from 9100 level and reached 11170. Price action at this 9100 level was holding the price downside for about two years. If you observe the monthly chart this was strongest resistance for nifty to break. From then buy on dips was the mantra for traders and investors.
The started at 9100 level breakout. Some people says rally started at 6900 and some other says rally started at 8200 price level. But for me since the price trading down from all-time high, we need the clear sign to see the price start violating the at higher time frames. Otherwise downtrend may continue.
Monthly trend is up
The monthly trend strong and for nifty . Right now nifty is consolidated 10% from its all-time high. This is healthy correction for any uptrend. We may expect nifty move up from of 9700.
Weekly selling will continue…!
Short term weakly trend is clearly down. As per price action, Nifty is trading below 10500 level resistance. If the nifty unable to bounce 9700 level, means if this 9700 level support violated then we can expect nifty to fall till 9100 level support.
Kindly watch my upcoming posts for stock ideas for financial year 2018-19.