Medium to Long term Target for Nifty around 19,000.
Strong closing on Friday and a good budget have increased the hopes of a post budget rally in Nifty investors are hoping that the worst of Hindenburg-Adani Saga is behind us and the momentum gained on Friday can continue further.
In any case in the medium to Long term target of Nifty is Point B shown in the chart which is around 18800 and 19,000. How Nifty reaches there is the point. Either we will see Nifty take the route of point A to point B directly or we may see further consolidation and Nifty might go from A to C first and then it may go from point C to point B.
The routes are purely based on assumption and mathematical models which might not be very accurate. The purpose of chart is to provide education. The time when Nifty will reach point B can’t be estimated accurately as there are many unknown factors and surprise elements at play.
One important deduction, 17386 is a major support for Nifty which should not be taken down on weekly closing. If 17386 is broken the trend will become negative.
In any case in the medium to Long term target of Nifty is Point B shown in the chart which is around 18800 and 19,000. How Nifty reaches there is the point. Either we will see Nifty take the route of point A to point B directly or we may see further consolidation and Nifty might go from A to C first and then it may go from point C to point B.
The routes are purely based on assumption and mathematical models which might not be very accurate. The purpose of chart is to provide education. The time when Nifty will reach point B can’t be estimated accurately as there are many unknown factors and surprise elements at play.
One important deduction, 17386 is a major support for Nifty which should not be taken down on weekly closing. If 17386 is broken the trend will become negative.
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