Nifty has been trading in wedge formed on monthly log chart from last 3 years. We saw buying emerge at the lower end of wedge which was 10000-10300 zone.We again saw index taking support at 10800 and moving towards new high. Index should move higher till the time 10800-10565 zone is intact in Nifty. Log chart suggests 12800-13000 level in next couple of months. Nifty if closes above 11800 on weekly basis then uptrend will continue. If market corrects then 11170-11100 zone would provide entry to opportunity seekers. Investor with a view of 12 months can use 11170-11100 level to initiate buy with stop loss of 10565 for target of 12800-13000.
Note : Our short term view of correction in Nifty will remain intact till the time Nifty is holding 11720 level as resistance. Log scale is used to trade for longer time frame.
Note : Our short term view of correction in Nifty will remain intact till the time Nifty is holding 11720 level as resistance. Log scale is used to trade for longer time frame.