NIFTY @ a New Milestone!!

(29/05/17)

On Friday, Nifty closed the week at a new high and closed at 9595 levels right near our predicted target. The Index hit another milestone of 9600 and settled at a new peak. The Index formed much awaited breakout given strong support to the market and suggesting market further move north side. The current rally is still intact and Bulls would continue to move higher. After the strong Bull move, the market may witness some correction. So,every corrective swing due to profit booking will be an opportunity to participate in the market. As Nifty is again in an uncharted territory, one cannot predict resistance levels. Support level has shifted higher.

nifty outlook

On Technical Chart: The Nifty made a strong bullish candle on the daily chart indicating the market is still in the positive zone. One should also note that momentum oscillators on the longer term charts are in extremely overbought levels suggesting a corrective swing anticipated. So, cautious approach is suggested at this level.

Today: The Indian share market would open flat. We see 9520 levels as an immediate support followed by 9480-9450 levels.
  • 0 Users Found This Useful




Related Articles

Nifty Outlook for (22/05/2017)

On Friday, Nifty closed the week at 9427. Nifty has formed a Doji pattern on the weekly chart...

Bull & Bear fight to win is still going on (23/05/2017)

On Monday, the Indian stock market opened on a positive note, but at the end of the day Nifty...

Nifty Cracked below 9400!!!

Tuesday, The Indian stock market opened positive, but fell down sharply. The Nifty closed at 9386...

Nifty in the Grip of Bears...

(25/05.17)On Wednesday: Nifty again closed in red for the fifth consecutive session. The index...

Nifty Shoot Up!!

(26/05/17) On Thursday, The Nifty soared nearly 150 points and closed at 9509. As We continually...

Powered by WHMCompleteSolution