Nifty has made
a high of 8909 and had almost reached the target of 9000 I gave in my post on 26th May
2016. In that post I wrote, “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.”
If we look at the current chart of Nifty we can see that the
upside resistance exist between 9300 – 9500 levels. I don’t expect market to
break above this resistance in short term. We may consolidate between 8000 –
9500 for next year or so before we finally break out of this zone and we have a
bull market which will take nifty to 14000 -15000 levels by the end of 2020.
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