In the start of previous week I shared some very important points for markets and why it was an important week for the calender year specially for markets in US. And what a week it was in which we saw the rally of 7 to 9% on primary indices of US. NIFTY to took part in rally and traded in the range of 723 points throughout the week. And it now trades literally above the highs of February and at the striking distance from the all time high of 12430. As I suggested in my earlier blogs about the strong undertone of our market and testing January highs is just the matter of Time. We now stands very close to test those highs.
Although the all time high is just a number. We may cross it and even trade much higher in medium term. But in shortterm after the rally of previous week we might see some profit taking and sideways consolidation on NIFTY. Even US markets could take a breather in near term. But all markets globally are in a perfect shape.
NIFTY might consolidate but individual stock’s would provide better trading opportunities. As I suggested to buy ACC on dipps on friday it gave a decent dipp still appropriate and safe entry would be in between 1633 to 1643 with support at 1610 on spot. Not only this the basket of NIFTY BANK also looks extremely strong and this is a space to watch closely in coming days. It could outperform massively.
Levels to consider on NIFTY for short term as support would be the zone of 11950 to 12050 until this zone holds NIFTY would test 12422 and 12550 on spot. Earlier I mentioned the swing targets of 12500 and 12750 as cycle targets which would take time. 11th is an important time cycle date for markets around the world. So need to be watchful. The long term base for NIFTY has now moved in the zone of 11500 to 11700 so all is well for investors as long as this zone is protected.
Gann Price Time Analysis uses the principals of the Law of Vibration discovered by W D Gann. Hens the views published above should be considered forr educational purposes. Any trading positions taken with above reference has to be consulted with your Financial Advisor. Or after getting the basic idea of Gann Theory. Dont enter any trade without a proper strategy. Because majority off traders enter trade without any plan and management.
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