NIFTY BREAKING 9560-9540 MAY SET CORRECTION

NIFTY BREAKING 9560-9540 MAY SET CORRECTION

Even since the rally started after demonitization , market have on very strong bull market.. Few observations

 

  • Market is on 6th month consecutive positive month. In history its second time
  • Market is over-due for correction
  • Ever since rally started from 8220, the market has honour this moving average & continuously moves forward. (picture enclosed)
  • Presently the moving average is placed between 9560-9540 zone.. Any closing beyond this point for few consecutive day can bring the nifty to the level of 9000
  • However , the trend can change, if nifty cross recent high of 9710

So, observe the 9540 level on closing basis

But overall , long term chart is very bullish & this correction in the market to be used to built portfolio. Read original report at http://www.einfomet.com/why-nifty-heading-towards-11000-a-technical-perspective/ (published on 18 Feb 2017)

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