In October 2021, the NIFTY index reached its first peak above 18000. It achieved a second peak in November 2022 and is currently at the same level as it was in November 2022. Following a peak, the typical initial support level is around 23%, which it reached in February 2022. The second support level, which is usually around 38%, was never reached, but the index found support around 15000 at a 30% retracement. Since hitting a low point in June 2022, the NIFTY has experienced a rally of nearly 4000 points. For approximately 20 months, the NIFTY has been consolidating within a narrow range of 16000 to 18000.
Now, with its third attempt to reach an all-time high, there is a higher likelihood of the NIFTY moving significantly higher. If two weekly candles close above 19000, the rally could extend to 23000. Considering a timeframe of 20 months from now and being conservative with a 1:1 ratio, we may witness the NIFTY reaching 23000 by March 2025. It won't be a V-shaped recovery, and there will be moves in both directions.
Now, with its third attempt to reach an all-time high, there is a higher likelihood of the NIFTY moving significantly higher. If two weekly candles close above 19000, the rally could extend to 23000. Considering a timeframe of 20 months from now and being conservative with a 1:1 ratio, we may witness the NIFTY reaching 23000 by March 2025. It won't be a V-shaped recovery, and there will be moves in both directions.
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.