The NIFTY has managed to maintain a higher top higher bottom pattern and made a fresh life time high @ 17340 By GEPL Capital
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NIFTY : CMP :- 17323.60 Aug-Sept ROC (8.69%)
Observation
* On the monthly time frame, we can see that the NIFTY has managed to maintain a higher top higher bottom pattern and made a fresh life time high @ 17340, also it gave a positive confirmation with the formation of big Bullish candle after previous 2 month’s DOJI candle pattern, which shows strong bullish undertone of the NIFTY for the medium to long term.
* On the weekly chart, we witnessed that after the breakout of consolidation phase, the Index has been moving in a strong uptrend since last 4 weeks. In the last week it has formed big Bullish candle with a Rising Gap at 16722 levels.
* We have seen that the long and medium term trend of the Index replicate on the daily time frame. The prices have been moving up with CIP formation (Change In Polarity) which confirms positive nature of the Index for the short term to medium term.
* On the indicator front, we have shown the ADX where in we can see that the ADX line is placed above the 25 mark, indicating strong strength in the prices. The RSI plotted on the weekly time frame can be seen placed above the 50 mark since June 2020, currently it can be seen moving upward, indicating gaining momentum in the trend.
* To sum it all up the Index seems to be in a bullish zone for the coming days and will move towards 18000 – 18200 levels, however the important support levels for the index are the 16722 mark (Gap Support) followed by 16376 (3 Week Low).
* We recommend a strong buy for the potential upside target of 18016 (138.2% extension level of the rise from 14151– 15962 projected from 15513) and 18230 levels (150% extension level of the rise from 14151– 15962 projected from 15513).
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