As expected, market is taking a breather after initial breakout from BULL Flag. Where is the next resistance? What to expect next!!!
Nothing changed on below chart, all indicators suggest that we are in bullish territory and no signs of danger in foresight for now. Nifty remains above MA(100) while McClellan Index remains above EMA(59) which are signs of healthy market.
Market is in consolidation mode as expected and is clearly visible in the daily Nifty chart below. Expect some more sideways action before next run up.
Below weekly chart displays resistance near 5900 area, breakout from this level and next target is 6100 area followed by 6300 area. However, market never goes up in a straight line hence expect more consolidation. Market continues to remain bullish and healthy.
What does it mean for our Investments?
Market in bullish territory, enjoy till the party lasts...
- Mutual Funds - Stay invested until we see any signs of danger on the horizon. We believe you would have taken this opportunity to identify and invest new capital in existing or new Mutual Fund as suggested in last two weeks.
- Stocks - Invest in right patterns and always have STOP LIMIT in place. Most of our identified stocks are doing well and are on track towards their respective targets which you can find here.
Market in bullish territory, enjoy till the party lasts...