MAJOR UPTREND INTACT, MEGA BREAKOUT IN MAKING
· As shown in the chart below, Nifty is on the cusp of a major breakout. After making a top of 6357 in 2008, Nifty plunged all the way to 2252 in October 2008. From there it rebounded back to 6338 in November 2010, made a double top and fell to 4531 in December 2011.
· The benchmark is now again near the two erstwhile tops. If these tops are taken out, it would confirm a major breakout from a long-long consolidation of nearly six years. This in turn would project major upmove over next couple of years.
· The triangle formed by 6338-4531 range projects a target of about 8150, which can materialise over one and half to two years.
· Moving forward, if one takes the triangle formed by 6357-2252 range, the target comes to about 10460, which can materialise over next 3-4 years.
· On the way down, trendline adjoining two major bottoms, viz. 920 in 2003 and 2252 in 2008, presents a solid support around 5100.
· As shown in the chart below, Nifty is on the cusp of a major breakout. After making a top of 6357 in 2008, Nifty plunged all the way to 2252 in October 2008. From there it rebounded back to 6338 in November 2010, made a double top and fell to 4531 in December 2011.
· The benchmark is now again near the two erstwhile tops. If these tops are taken out, it would confirm a major breakout from a long-long consolidation of nearly six years. This in turn would project major upmove over next couple of years.
· The triangle formed by 6338-4531 range projects a target of about 8150, which can materialise over one and half to two years.
· Moving forward, if one takes the triangle formed by 6357-2252 range, the target comes to about 10460, which can materialise over next 3-4 years.
· On the way down, trendline adjoining two major bottoms, viz. 920 in 2003 and 2252 in 2008, presents a solid support around 5100.
We are closing in on your target. (10K nifty) Thank you Pradip for your daily blogs!!
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