Pattern analysis shows the market is still ruling above the upper trend line.
The lead indicators remain highly overstretched and the Nifty remains overbought.
This is the time to approach the market with extreme caution and exploit all the upward moves.
For the coming week, the 9,690 and 9,780 levels are going to be the likely resistance level.
The 9,650 and 9,680 levels would be immediate resistance for the Nifty50.
The RSI on the daily chart stood at 69.4968 and it remained neutral showing no divergence from prices.
The Relative Strength Index on the daily chart stood at 69.8782 and it is nearly overbought.
Investors may enter this stock with a four to six-month perspective with target price of Rs 115.
The 9,640 and 9,675 levels will act as immediate resistance for the Nifty50, while supports should come in at 9,550 and 9,510 levels.
Pattern analysis shows the market is attempting to achieve a clear breakout from the rising trend.
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