BSE CAPITAL GOODS INDEX SET TO SOAR (CMP:16200)
As
shown in the chart below, BSE Capital Goods index, after touching a high of
21021 in 2007, plunged to 5394 in 2009 and was in a broad consolidation since
then.
The
consolidation took the shape of a symmetric triangle. The index broke out of
this formation recently and is all set for a big upmove in the time to come.
The formation projects the upside target of around 26700, which represents an
upside of 65% from the current level and
can materialise over next 2-3 years.
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