In my previous post on Nifty written on 10th Feb 2016, I wrote, “If we look at the long term chart of Nifty
we can see that the index is having support in the range of 6800 – 7000. I
think Nifty will bottom out at those levels and that should provide long term
buying opportunity.”
The bottom in Nifty was formed 6825 levels and the markets
have bounced back since then as expected. If we look at the current chart of
nifty we are forming an Inverse H&S pattern and it had also broken out
today. There is substantial upside from here and Nifty may go to 9000.
As mentioned in my previous post I think Indian markets will
breakout and provide good long term investment opportunity for next 3 – 5 years.
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