LAST WEEK WAS HISTORICAL WEEK FOR INDIAN STOCK MARKET AS WELL AS FOR INDIAN POLITICS AND EVEN FOR EVERY INDIAN HUMAN.
WE SEEN MAJOR POLITICAL REFORMS AS AN EFFECT OF SAME WE SEEN OUR MARKET MOVING HIGHER TO THE UNSEEN LEVEL OF 7665 LEVEL.
IF WE THINK ABOUT THIS POLITICAL CHANGE ON LONG TERM BASIS THEN EFFECT IS GOING TO BE FRUITFUL FOR INDIA AS WELL AS FOR INDIAN STOCK MAKET.
SO HERE WE CAN TELL YOU ALL INVESTOR THAT, IF YOU ARE A LONG TERM INVESTOR IN A MARKET THIS KEEPING STOP LOSS LEVEL OF 6400 ONE CAN ALWAYS THINK FOR POSITIVE MOVE, AS WE CAN SEE SOME GOOD UP MOVE IN COMING 2-3 YEARS TIME.
At very first we would like to congratulate our new government which will be leaded by shri. Narendra modi the man behind the INDIA’S future.
When nifty cross 6400 level that time with the monthly chart we mention that it was a “ASCENDING TRIANGLE” breakout in a market and just see with this technical view we able to inform you about upper move well before the event to take place.
As we mention last week that if market cross and close above 6900 then we can see up move in our market and as per this view market able to hit higher levels in last session with the important political development in Indian history, it made till 7565 almost.
Now as per current chart development we can see that nifty has given two gaps on chart in last week but recent gap it filled up on same trading day.
Also in last week we seen three “DOJI” candle before election result to announce which can tell us that traders were worried at this level to make or build any fresh position, but they even not sold their old position at that point as it was doji on chart.
It has also given a “TWIZER BOTTOM” candle at bottom range of 7067-7080 range, which was the important signal that market was taking support above 7000 level.
In last session we seen that it has given a big candle with the longest “UPPER SHADOW” on chart and close near to the open only, its can clearly indicate that profit booking has come at upper level with the event and as per this profit booking nifty able to give “EVENING STAR” or we can say “LONG LEG DOJI” on chart in last session.
Now as the event is over now so we can see some consolidation in a market with the broader range of 6950-7665 levels. So one can still wait now till the market look for any support at down side.
Levels for the current week are 7000-7050 support level, if market able to give any green candle on this support then upside we can see 7350-7550-7600
But if it goes below 6950 and able to close then only we can expect some big fall, but we think that this will not happen now, but still keep this level in mind for your positions.
So overall view is market may try to consolidate in a range so this time try to buy at support levels with very small sl, and sell near to mention target levels or resistance level, moving above 7570 level on closing basis can give more bigger targets at upper level till 7850-8200 also.
As per monthly chart previously also we mention target of 8200-8700-10500, so this targets will come as per the timing.