In our previous post on Nifty Outlook,we expected Nifty to move towards 6220 and 6300.Nifty,after slipping towards 6150 levels,came back strongly and tested 6300 after crossing 6220,finally closing around 6260 level for the week.
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| Nifty Daily Chart [source : www.icicidirect.com] |
Nifty is continuing with its bullish trend.In the process,it again broke out of a bullish triangle at 6230
on a daily chart.This pattern gives much higher target for Nifty in the coming days.
on a daily chart.This pattern gives much higher target for Nifty in the coming days.
Though leading indicator Slow Stochastic is showing negative crossover indicating overbought market,market is expected to continue the strong momentum it gained
after taking cues from Exit Polls of 5 state elections
in next week also as the results have been out according to market expectations in addition to positive US jobs data
in next week also as the results have been out according to market expectations in addition to positive US jobs data
released on Friday
FII's data is also continuously positive for the markets.
Hence,in coming days we expect Nifty to test previous highs of 6357 and above that a level of 6490 as suggested by the triangle pattern on daily chart.Keep stoploss at 6200.
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