The Weekly candles indicate that Nifty is on the verge of major breakout. Once Nifty gives a closing above 26277 it's previous high the next Fibonacci target for it will be 27666 within next 12 to 16 months. If GDP numbers for upcoming quarters are similar to the one we received for Q2 that is 8.2% we may reach there earlier too.
Once we get a closing above 27666 the next long term target 24 to 36 months from now can be 29540. Supports for Nifty are at 25301 and 24622 (Mother line support on Weekly chart (50 Weeks EMA) and finally 23903. A closing below 23903 will invite the bears again and can turn down all upside projections invalid.
As of now the future looks good. There has been a solid consolidation all we need now is a proper monthly closing above previous all time high that is 26277 and recent high which was 26310.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Once we get a closing above 27666 the next long term target 24 to 36 months from now can be 29540. Supports for Nifty are at 25301 and 24622 (Mother line support on Weekly chart (50 Weeks EMA) and finally 23903. A closing below 23903 will invite the bears again and can turn down all upside projections invalid.
As of now the future looks good. There has been a solid consolidation all we need now is a proper monthly closing above previous all time high that is 26277 and recent high which was 26310.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.