We have used parallel channel and Fibonacci retracement on Nifty weekly chart to gauge medium to long term targets for Nifty.
The Fibonacci retracement points out that the support for Nifty will remain at 25233(Fibonacci Support and mid channel support), 23903 (Important Fibonacci support), 23774 (Important Mother line support or 50 weeks EMA, channel bottom support). Nifty can go below these levels only in situation of another major global event or some major local event. If we get a closing below 23774 the Bear will be in commanding situation and will have the power to take Nifty further down towards 21743 which was the recent low we reached during Indo-Pak conflict.
The resistances for Nifty now are at 26277 (Major Resistance, Previous All Time high of Nifty), The next leap of faith for Nifty can be towards 27665 after we get a closing above 26277. (This will be a major hurdle and in next 1 year or so it is highly unlikely that we will cross this level unless we hit a euphoria zone.) This zone is also the current channel top zone. In very unlikely circumstance of Nifty crossing 27665 the next target for Nifty will be at 29539. (This looks possible in 18 to 24 months). We will be very lucky to reach this zone earlier. You never say never in the market.
As of now the local factors remain optimistic but there is a concern by experts related to valuation of market. As the Nifty PE currently is around 23. The results in the next couple of quarters will determine if Bull market stays active.
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.
The Fibonacci retracement points out that the support for Nifty will remain at 25233(Fibonacci Support and mid channel support), 23903 (Important Fibonacci support), 23774 (Important Mother line support or 50 weeks EMA, channel bottom support). Nifty can go below these levels only in situation of another major global event or some major local event. If we get a closing below 23774 the Bear will be in commanding situation and will have the power to take Nifty further down towards 21743 which was the recent low we reached during Indo-Pak conflict.
The resistances for Nifty now are at 26277 (Major Resistance, Previous All Time high of Nifty), The next leap of faith for Nifty can be towards 27665 after we get a closing above 26277. (This will be a major hurdle and in next 1 year or so it is highly unlikely that we will cross this level unless we hit a euphoria zone.) This zone is also the current channel top zone. In very unlikely circumstance of Nifty crossing 27665 the next target for Nifty will be at 29539. (This looks possible in 18 to 24 months). We will be very lucky to reach this zone earlier. You never say never in the market.
As of now the local factors remain optimistic but there is a concern by experts related to valuation of market. As the Nifty PE currently is around 23. The results in the next couple of quarters will determine if Bull market stays active.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.