valuetrading

hope everyone had a cheerful joyous and fun-filled Diwali.

 

so just as given in earlier post here, nifty first bounced off the first given support and then from second strong support marked by the two green-coloured ovals as shown in the two charts, though there was a brief temporary breach of the support line. Now nifty is looking strong again climbing more than 500 points from the second mentioned support zone.

The bullish view for nifty continues and the intermediate support levels have now shifted upwards. nifty support levels are roughly around 7900 and 7800 below which it turns weak. the resistance/target levels now are just above 8500 and 8780, few points here and there. With the positivity on the Indian economy, funds flow and earnings upgrades these target levels should not be difficult to achieve in the medium term to intermediate term. we are already very close to the first target of 8410 or so, so any large profit booking in days to come will again be a good buying opportunity in the market towards the above mentioned second target.

my long term target stands at above 10000 for the  nifty but with a sizeable or meaningful deeper correction first.