Nifty has managed to continue its bullish trend in slow and steady manner. How far will it go and for how long!!!
Nothing NEW in below chart, McClellan Index continues to remain well above EMA(59) while Nifty continues to remain above MA(100), both suggesting no danger as of now.
As expected, Nifty continue to follow consolidation-breakout pattern in a consistent manner. This is also known as churning or grinding higher and could continue until Nifty gets into 6200-6300 range.
As we can see on this weekly chart, Nifty will experience resistance near 6200-6300 area which can be expected to be reached in next few weeks.
What does it mean for our Investments?
Market in bullish mode, enjoy till the party lasts...
- Mutual Funds - Continue to remain invested as we see NO signs of danger for now.
- Stocks - Take partial profits along the way and make sure you have STOP LIMIT in place for any open positions.
Market in bullish mode, enjoy till the party lasts...