Nifty technical view update: Bull Awaiting?
Written by Dr. Sreejith K B. Author has written this post for www.nseguide.com
This is a quick update on nifty.
In 2018-19, when everybody was talking about higher targets in nifty, only we updated about the possible bearish phase. And we got a dip
towards 7500 levels from 12000.
Wrote on Sept 2018 (nifty was around 12k)
“We are flat on valuations since few years but market price is rising,which we call it a divergence. So if the valuations decrease or wont rise further,
the value investors would be looking for a better exit price.”
And conservatively wrote on Aug 2019 (nifty around 11k)
“A fall towards 9500-9000 levels in next 2-3 years should be considered as a buying opportunity for trading the fifth wave. And expecting nifty to hit
14000 by 2024″
So, the bear is little bit more extended as of now, (may be due to the panic of corona.)
What, up next?
Expecting one more dip towards 7500 levels in few months to finish the bear and might consolidate a bit. And we might see a bullish action to
complete the fifth wave. And targets could be 12000-14000. Nd it might take few years.
Already written about this in older posts.
Nifty now around 9100
By June July : could reach 10000
By Nov Dec : dip towards 7500
From that levels expecting a bullish phase to finish the fifth wave (2023/24 may be), i.e. again 12-14000 on nifty.
Since the corrective waves are forming, time may extend little bit but as of now 7000-7500 levels seems to be a good support levels to buy for a bull of 5-6k points on nifty. Will update detailed charts soon.
Disclaimer > Author is not a sebi registered research analyst.This post is to be considered as expression of personal view only. “Technical
analyses relating to the demand and supply f or a particular sector or index is exempted from the purview of the RA Regulations”
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