DushyantAM

DushyantAM Updated 

Fuel seems to be drying out of the Corona recovery rally. Every consecutive jump is smaller than the previous, and the most recent jumps are in 5% range. It is likely that the Nifty50 will plateau at 11300, and fall from there to 10600 (or lower), as marked. Possibility of a big correction remains until the index decisively breaks out of the narrowing channel...

DushyantAM Updated 

With increasing odds of a stable and NDA government, markets are cautiously inching upwards. A few patterns are forming in preparation of the results declaration on 23rd May, and exit polls on 19th May. Considering that dust will settle by 31st May (unless there is a hung parliament), I provide following targets and supports on Nifty50. 1) Three year long support...

DushyantAM

I just realized that entire history of Nifty50 can be seen as three neat patterns on monthly chart. This is the first chart for the first 13 years of the exchange and the index. It gave a healthy return of 15% per annum, when banks deposits also gave lower double digit returns. I personally don't believe anyone could have recognized the pattern and invested to...

DushyantAM

Triangle with flat top at 6340-6360 was observed on Nifty during 2008-2013. That almost coincides with UPA II. A break out happened in March 2014 to achieve exact 61.8% level at 9120. I'm excited because this is the first triangle I am trying to interpret, and it gave very encouraging results. What makes this interesting are the break-out attempts as soon as...

DushyantAM Updated 

NIFTY is attempting to break out of 11110 resistance. Early opinion polls and political situation will determine the movement in next 4-8 weeks. Support at 10970 and then 10500. 10,500 line is holding for over three years now, however, election times are very volatile in India.

DushyantAM Updated 

Looks like an inverted head and shoulder, with target of 600 above neckline of 10600.

DushyantAM Updated 

Today Nifty took support from bottom line of the channel running since February 2016. Likely to test the bottom at 10240 again in this week. If the channel is not broken then the index will stay within the channel till December. December onwards, the performance will be driven by the political scenario - state elections and then the union elections.

DushyantAM

Nifty is inching towards 2 year resistance line, whose value today is 11160. The bull run since Gujarat elections (December) has also broken out of its channel and is likely to take support from earlier resistance. These two cross at 11245. Reaching the resistance is expected to take anywhere between 1 and 14 days, giving a return opportunity of 0.9 - 1.6% over...