Breaking beyond hurdle – Nifty View 21- 25 March

In this newsletter read whether current move on Nifty is giving us an indication of new uptrend. 

Last week was consecutive third week of markets closing in green. Fierce bulls are not giving up the battle. World markets too traded with good stability.   

Is this a confirmation of new uptrend on Nifty? 

Technical Overview: Last week Nifty made a high of 7613 and low of 7405 to close at 7604. Markets closed near high of last week. I had mentioned about resistance near 7600 in last newsletter. Nifty broke out of this resistance to close above 7600. That makes Nifty's way clear to its next destination at 7720. As Nifty has its next resistance at 7720. Charts clearly shows downtrend and uptrend cycles. Nifty chart is in the process of changing from downtrend to uptrend. As you can see cycle of Lower Top Lower Bottom (LTLB) is getting changed into cycle of Higher Top Higher Bottom(HTHB). This change of cycle is more clearly seen on line chart- hence here I am attaching the line chart as well. 

Resistance is at 7720 and 7900-7972 (range) levels. Support is formed near- 7536 and 7435 

My View: You can see from the line chart attached with this article that LTLB cycle is changing to cycle of HTHB. This is early sign of medium term trend reversal. This market has turned to buy on dips market- unless some unexpected event comes in. No more shorts (sell) in this type of market. Long and medium term investors- many fundamentally good stocks are available at technically right price. Time to enter into markets. Don’t be fearful now- time to get greedy. 

Check the influence areas (supports and resistance on chart below) 

Note: Do not consider these as buy or sell recommendations.  

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