Friday, 25 August 2017

Nifty analysis for next month

Lets have a look at its daily chart and try to figure out what exactly is going on there.


On daily chart, it seems to be in a nice strong up trend since start of this year 2017.  In an up trend like this, money can be made by buying into every pull back or buying at range low.  

After making a high of 10137, currently it is pulling back or doing a small correction.  Also it seems like it is in the process of forming a range like this,


If it has really started to consolidate, which seems likely, then 9700 to 10100 is the range to trade.  If it remains in this range, then buying at range low close to 9700 is the right thing to do.  If 9700 level does not hold and it breaks out of it, then it can likely test 9450-9350 levels.

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