Nifty can see a short term correction: Manish Shah, Fortune Financial Services (India) Limited
There could be a small short term correction down to 5550
By 
|
| Manish Shah, Technical Analyst, Fortune Financial Services (India) Limited, in a chat with ET Now talks about Nifty.
Nifty is at 5600, where do we go from here? Does it seem like it’s going to spend sometime here, consolidate at these levels and then make the next leap forward?
Yes, I think there could be a small short term correction down to 5550 from where we broke out and from there on we should be seeing a rally towards 5750 or 5800 odd levels. The general trend in the market is bullish.
We are seeing a breakout of a right angel triangle which is a continuation pattern. So yes the trend is definitely up and sort of rally that we had seen from 5350 now it was a widespread and there were good volumes. I think it is 2 or 3 days’ nervousness because of the long weekend. From next week onwards we should be seeing more upsides in the general market.
Nifty is at 5600, where do we go from here? Does it seem like it’s going to spend sometime here, consolidate at these levels and then make the next leap forward?
Yes, I think there could be a small short term correction down to 5550 from where we broke out and from there on we should be seeing a rally towards 5750 or 5800 odd levels. The general trend in the market is bullish.
We are seeing a breakout of a right angel triangle which is a continuation pattern. So yes the trend is definitely up and sort of rally that we had seen from 5350 now it was a widespread and there were good volumes. I think it is 2 or 3 days’ nervousness because of the long weekend. From next week onwards we should be seeing more upsides in the general market.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
