Nifty view:
Financial year 16-17 is behind us. The day on 31st March was a month, week and day end for markets. Hence in this article lets understand broader (medium term) and closer (short term) view of Nifty.
Medium term:
You can see below monthly chart of Nifty. On monthly chart Nifty has formed a long upward sloping channel. On the close of March-2017 month Nifty has closed at its all time high breaking earlier resistance. We can expect this bull run to continue for next few months. Of-course there will be small corrections during this journey. If we are to believe above theory then Nifty can reach to its next resistance near upper sloping line. The target for this run comes near 10,200- 10,400.
Short Term:
On weekly chart a similar picture emerges. On each correction Nifty is a buy for higher targets.
On a very short scale Nifty has immediate support near 9110 and resistance near 9210. Rather Nifty is trading in this (9110-9210) range of 100 points. A breakout or breakdown beyond this level will make further picture clear.
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