As told earlier, Nifty has achieved my Target of 6070 easily making a weekly high of 6096. So we are merely 100 points away from our immediate Target of 6200 or even 220 odd points from its lifetime high of 6320, which is just 4% of Nifty from its current value.
Now the main question is whether Nifty could be able to make new high, or just it will be an example of Triple Top, making all my expectations just a fuss. As we all know Technical Analysis is not a perfect science.
But I have my own understanding supporting this quest. Indian Market has to make not only new high, But I had a Target of 7500 & 15000 for Nifty in coming months.
What I have experienced, from the past during Bull or Bear Market all sectors/Stocks couldn’t participate in that very particular rally/fall. This is what the very Rule of Stock Market to rollover its cycles.
Now I am expecting some sector rotation, so that Overbought some sectors to correct like Pharma and simultaneously some beaten down sectors like IT or Oil & Refineries to take the charge of New Bull Run.
Trading Strategy : We are Holding Long Positions with a closing stop below 5990, for a target of 6200/6320 & then 7500, but that’s matter of time. For Intraday also buy on all the dips till Nifty protecting 5990 levels for 30/60 points keeping a SL of 30 points.