Nifty Potential Move ahead

Nifty is approaching the narrow end of a descending triangle pattern. A decisive valid break of the upper channel of this formation will lead the prices to 24775 to 24931 and final target of 25530. Above 25530 the entire trend will once again turn bullish. Until then it is a sell on rise kind of a market. if the annual results are good and corporate commentary is well projected then we can expect some relief and a positive change.

On the other hand if we see a break of the lower band then we may see prices first testing the 22277 levels. Incase the annual results are not in line with expectations and management commentary of majority of companies is not very supportive then we may see a bottom formation by the end of the year.

We will conclude our reason for trade this year based on the alignment of this fundamental analysis and technical analysis parameters. Once they are aligned we will look to a good trading opportunity in that direction.

The whole idea and levels are shared only and strictly for educational purpose only. Trading & Investment in securities is subject to market risk and one must do his/her own research before making any trading decision or seek professional help from a registered advisor.