Nifty is currently in a momentum bull market with Index Crossing 10000 and stocks flying as there is more tomorrow.
Many traders were asking my Opinion on the current bull market, I am reproducing the below post which I have discussed as part of my Yearly analysis on 20 Dec 2014.
Please go through the below link to read the post in detail
We have discussed on 20 Dec 2014 Post
Between 2008 and 2014, the Nifty re-tested the 2008 high on two occasions in 2010 and 2013.Both these attempts lacked broader market participation as Mid caps and Small caps saw big underperformance during these period. But after the thumbing mandate we got in May 2014 saw mid caps outperforming which shows participation on all ends.
Monthly chart is showing a clear ascending triangle formation with breakout above 6335/21206 for Nifty and Sensex. So target as per ascending triangle comes
21206+(21206 – 7697) = 34715
Updated Monthly Chart
High made as of now is 10115. Once 10115 is crossed we can move towards we are heading towards 10238 and 10418.
Nifty Target Calculation using past correction
Below chart we are identifying the target based on the range of last correction
We had major correction from 9119 on 04 March 2015 till 6825 on 28 Feb 2016 range of 2294
9119-6825 = 2294
We made a major top at 8969 on 08 Sep 2016 and corrected till 7894 on 26 Dec
Nifty generally retraces the 100% of last correction so based on that target comes to
High made was 10115 almost near to target.
ABCD Pattern Target
Few Number to Keep in mind as per Vedic Maths and Gann Analysis where traders can book partial profits 10238/10576/10800/10946
Traders looking for time can see the below post where we have given yearly turning date of Nifty.
To end my analysis always remember the below line
Don’t confuse brains with a bull market
There are no limit of Bull Market Rise