Sunday, 29 May 2016

Nifty Breaks out

A long back I had written a small post on markets future direction once it breaks out of Jan month's high during the year.  If you have not read it, please spend some time and understand it first by by Clicking here to read it.

This week Nifty has done the same and it prompted me to write this post.  Here is the daily chart,














The break out looks very good and promising. It seems clear now that for rest of the year 2016 the likely direction is up for the Nifty. So if you are holding mutual funds or good company shares and you are thinking about booking profits in very near future, don't do that mistake.  Continue to hold your investment at least until end of this year.  Hopefully Nifty will see much higher levels in year 2016.



4 comments:

  1. I too feel the same of holding the current stocks of what I have in cash.. but im worried about the futures which Im holding...im thinking of when to exit ?

    ReplyDelete
  2. Hi,
    I think in year 2015, market didn't accepted this phenomena.

    Manish.

    ReplyDelete
    Replies
    1. Manish

      In year 2015, it tried to break out by gap up open but immediately got rejected and could not close above the Jan high. Here is the chart,
      https://www.mql5.com/en/charts/5227907/nse-nifty-d1-gci-financial

      So we can safely say, so far it has not been proven wrong.

      URD

      Delete