Nifty : Chart view for the next year or 2
Updated
Nifty
Closing price 8468
Chart explains our view...
Important Resistance 9300 / 9680 / 10240 odd levels
Support levels for Nifty 7922 / 6850 / 5820
The view is for the next year and a half...
- Don't think so it is time to do bottom fishing...
- This doesn't look like a market which is going to start a bull market soon
- any rise especially towards 9680-10200, may be considered as good opportunity to exit from long positions.
- being a long term investor is fine but being a compulsive long term investor is not...
- There could be a lot more pain left
- Economy could be heading into recession
- in that case the red zone ( 9950 - 10450 ) may act as resistance zone and
- yellow zone (5650-6150) may act as support zone
If things get worse,
- even sub 5000 levels - 4680 cannot be ruled out
(We got the Nifty top spot on, and in our last one we suggested, below 9300 Nifty will re-test 8500 levels again which it just did, but we hope we are wrong on this one especially the last part...)
Take care & safe investing...!!!
Closing price 8468
Chart explains our view...
Important Resistance 9300 / 9680 / 10240 odd levels
Support levels for Nifty 7922 / 6850 / 5820
The view is for the next year and a half...
- Don't think so it is time to do bottom fishing...
- This doesn't look like a market which is going to start a bull market soon
- any rise especially towards 9680-10200, may be considered as good opportunity to exit from long positions.
- being a long term investor is fine but being a compulsive long term investor is not...
- There could be a lot more pain left
- Economy could be heading into recession
- in that case the red zone ( 9950 - 10450 ) may act as resistance zone and
- yellow zone (5650-6150) may act as support zone
If things get worse,
- even sub 5000 levels - 4680 cannot be ruled out
(We got the Nifty top spot on, and in our last one we suggested, below 9300 Nifty will re-test 8500 levels again which it just did, but we hope we are wrong on this one especially the last part...)
Take care & safe investing...!!!
Note
Gone are the days when to move 500-600 points Nifty use to take weeks or months. Now it is just a cup of tea for Nifty these days....😉Note
As highlighted in the chart, Nifty has given a good bounce from support levels mentioned above.Trading is not about buying selling buying selling from 9:15am to 3:30pm. It is about doing ur homework, doing research, ur wstudy and planning ur trade.
Learning Technical Analysis can help u plan ur trade well in advance and be ready and confident in ur action when those levels come.
Those who initiated long positions around support levels of 7900 odd levels, have a good 400 points in the kitty...
Consider booking profits as per ur risk appetite and follow proper risk management.
For any personal stock query u can write in the comment below or msg me. I will try and answer ur queries at the earliest.
Take care and happy trading....!!!
All the best
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