Nifty is forming a sort of a descending triangle pattern from daily time frame perspective with lower highs and a common low. Nifty has approached a crucial demand region (15662) however, traders are still expected to stay cautious. A slight retracement can be expected up to the trend line region.
A breakdown of the 15662 level may take us all the way upto 15000 or even worse 14433 levels.
On the upward side, a breakout of the trend line along with high volume, Nifty may approach 16461 levels.
For long term investors, this would be the ideal opportunity to add some quality stocks but they should also keep in mind to add quantities wisely as we may see some more opportunities in near future.
The above analysis is just for educational purposes and hence, investors and traders are advised to take wide decisions.
A breakdown of the 15662 level may take us all the way upto 15000 or even worse 14433 levels.
On the upward side, a breakout of the trend line along with high volume, Nifty may approach 16461 levels.
For long term investors, this would be the ideal opportunity to add some quality stocks but they should also keep in mind to add quantities wisely as we may see some more opportunities in near future.
The above analysis is just for educational purposes and hence, investors and traders are advised to take wide decisions.