So far, market has managed to consolidate in a very narrow range. This might continue for sometime and market may even pullback a bit providing good buying opportunity. How long will this consolidation continue!!!
Based on below McClellan Index chart, market continues to remain in bullish territory with NO signs of danger in sight.
Consolidation is clearly visible on daily Nifty chart. We expect market to consolidate for some more time and might even pullback a bit further. Consolidations/pullback are part of market behavior and is perfectly normal, rather considered healthy in BULL markets.
On weekly Nifty chart, resistance near 5900 area is evident, however market is taking a pause before next breakout.
Most likely market will continue to remain in consolidation phase and breakout ONLY after Christmas vacation, typically in NEW YEAR, however remember market can do whatever it wants!
What does it mean for our Investments?
Market continues to remain in bullish territory...
What does it mean for our Investments?
- Mutual Funds - Stay invested as we do not see any signs of danger
- Stocks - Invest in right patterns and always have STOP LIMIT in place. All of our identified picks in our watch list are doing great, use them as guides.
Market continues to remain in bullish territory...