Nifty Update - 8250 crucial level for 2017 !!!

The first month of the year 2017 has been eventful with Nifty setting a range low of 7893 towards the end of last year (December 26th) and then bouncing back smartly for 700 points gain to close the first month of the year @8602. A lot of volatility and changes can be expected in 2017 and the level to watch throughout the year would be 8250 level - 50% swing level of past one month.  Expectations from the preponed budget on February 1st and later in month of March the UP state assembly results will have a bearing on the market in the immediate short term.   Happy trading !!!

NIFTY AFTER FEBRUARY BUDGET-2017

Nifty once again has come to face resistance at 8825 levels, which was the breakout /resistance zone in 2016.  The market has received the budget well and a steady rise from the 8600+ levels has been achieved towards the current resistance level 8825.  In 2016, this level of 8825 was breached briefly and Nifty never really go much beyond it then.   Bulls would want a close above this 8825 level to take Nifty to all time highs in the month of February 2017 itself.  Happy trading !!!

NIFTY BREAKOUT HERALDS  SPRING OF 2017 :)

As expected, post budget retracement and now after the crucial assembly polls, the market has given breakout towards all time highs and all looks stable in the market for growth.  With prices trading for the first time in unchartered ranges, it remains to be seen how far the breakout after 2 years goes now.  The level of pre-breakout close level of 8935 is now the trailing stop loss for bulls trading the index.  With the index trading at all time highs and the past 6 trading sessions closing well above 9000 levels, Nifty heralds a bullish spring season for 2017.  Happy trading !!!

NIFTY ENTERS JUNE 2017 AT LIFE HIGHS !

The index has consistently traded above the previous high (9120) levels since March 14, 2014 and the expected spring time breakout continues unabated and Nifty touched life high of 9649 as it enters the month of June.   The trend seems to point out towards bullish views.  However, having started the year 2017 with 8250 as reversal point, Nifty has posted a 1000+ point gain over the past 5 months and now cautious approach and some sideways movements can be expected.  Trailing stop loss for bulls will be 9250 spot price.  The monsoon season begins and if the country has a good monsoon then Nifty could well go past 9800-10200 kind of levels sustaining above 9500 levels.  Let us see how it pans out in the next couple of months.  Happy trading !!!

NIFTY closes above 10K+ !

Nifty has closed above 10,000 mark today and this year 2017 has been memorable for the index since the reversal it made above 8250 since January 2017 and month-on-month closed at higher levels with a consistent upward trajectory. At this juncture, it would be futile exercise to project a specific target for trading.  However, the above Fibo level charts do show that since the breakout above previous high of 9119 since March 12th, the one way trajectory has been meeting the Fibonacci levels so far and currently at 138.2% extension level has been crossed conclusively, which effectively can be taken as a reversal point now.  This level is now 9990 level., an amazing journey for the index.  Happy trading !!!

NIFTY AT FRESH LIFE HIGHS FOR SAMVAT 2074 !

Nifty enters muhurat trading at life highs with a significant breakout above 8250 since January 2017 and now  has consistently traded above the previous high (9120) levels since March 14, 2014.  Nifty can be expected to touch 100-200 points above from the current high of 10250 on and/or after muhurat trading.  These levels look slightly overvalued and traders of the index need to exercise caution till confirmation of reversal is not established.  A total rise of over 30%  in around 200 sessions of this year is a great achievement for the index taking the low of 7893 on December 26, 2016 as a base level.  At this point in time, it would be difficult to set a reversal level for index; however, a close below 10100 can be taken as a short-term reversal point for the index.   I wish all the readers of my Nifty updates for 2017 a very happy and prosperous festival of Diwali !  Happy trading !