CLOSE- 9934.80 (08.09.17)
Markets, particularly large cap index (Nifty/Sensex & Bank nifty) have been consolidating in narrow range since past 4-5 weeks. It still looks like bullish triangular consolidation on daily chart as written earlier in my weekly update as well. One can expect higher levels targets as mentioned below in short term till it reverses. It looks like one more leg on upside for this rally is pending started from around Dec-2016 from wave count perspectives as per weekly chart of these large cap index. One should buy stock specific till trend reverses.
I have seen from earlier experience that till Dow Theory supports holds, one should ride such bill market structure of rally. Because in such kind of liquidity driven rally sometimes stretch further more than expected in short term ahead of fundamental as well before we get one meaningful price wise correction. And we may get such kind of time wise correction or consolidation before final TOP established & final short term targets achieves. Therefore, it’s better to Ride it till it finally reverses in short term.
Short-term outlook for the market remains positive till Nifty trades above 9,685 levels and expecting target of 10,300-10,500 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and is expecting targets in the range of 12,000-12,200 levels in medium term.
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