Buy Nifty BEES between 930-940 for target of 1,030, stop loss at 845

Pee Vee
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Buy Nifty BEES between 930-940 for target of 1,030, stop loss at 845

Postby Pee Vee » Fri Mar 17, 2017 10:07 am

Nifty - Multi-year breakout

Nifty - Multi-year breakout

After hitting an all time high of 9,119 in March 2015, Nifty swung twice in a span of two years. During this phase, the index hit a low of 6,825 in February 2016 and it swayed back in an attempt to surpass life time high in September 2016 but failed to do so forming a double top pattern. However, preliminary signs that the current Double Top is turning into a continuation pattern came when Nifty broke past the previous peak of 8,968 on March 14, 2017

Finally, when Nifty pierced the all time high of 9,119 on March 15, 2017 with a huge gap up and closed at fresh highs confirmed the multi-year breakout. Projections of the breakout indicates that Nifty is likely to make a run towards 10,300 levels in the coming 9-12 months. Any downward reaction will get arrested around the 8,550 levels.

Strategy – Buy Nifty BEES between 930-940 for target of 1,030, stop loss at 845.

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