Last 2 days Nifty ran wildly to end 3% higher last week. Even on the expiry day it has moved up sharply and closed above 8600. Now, what can be the trading strategy in Nifty? The last short signal proved false as Nifty crossed 8461. Once again the market has entered a fresh bull orbit and it looks like some more steam is left before this rally ends. So now its time to decide what is the next target of Nifty?
GANN analysis shows that this rally will at least hit close to 8700 before any significant correction. We may see an eighty to one hundred points correction from close to 8700 marks. The best way to trade will be to buy in sudden dips in the hourly charts. We will inform our NIFTY OPTION TIPS clients about the exact entry and exit points.
Hopefully, the desired dip will not come in next 48 hours. But we need to be patient for taking fresh entry on the long side. We already got our answer to the question – what is the next target of Nifty in the short term? The answer is an immediate target is close to 8700. So short sellers or PUT buyers can try their luck only close to that zone.
GANN analysis shows that Bank Nifty index is at an important technical zone. Any further close on the upside, preferably closing above 19600 zones, we may see one-sided up-move for next eight to twelve trading sessions. So shorters need to remain cautious.
What is the next target of Nifty in the medium term?
Too early to comment but it looks like the market is heading towards 9150 slowly but surely in 2017. 9150 will be marked before the budget or before Diwali, it cant be told right now. But definitely, 2017 is going to be a good year for the bulls. We will inform our NIFTY OPTION TIPS clients about the exact entry and exit points in real time. So if you are looking for 2-4 positional entry points every month you may join this service.
Indrajit is a professional blogger and trading system developer. Amibroker expert, WordPress expert, SEO expert and stock market analyst.Trading since 2002, he has started the journey of StockManiacs.net on 2008. He follows Indian and world stock markets closely.