Cup and Handle Formation in Nifty in Progress in the long run.

12 thg 4, 2023

Nifty Outlook: Nifty Looks good for a long haul in the long run. In the short term though Nifty seems a little bit of consolidation before it heads further. RSI on hourly chart shown a need of little bit of strength through consolidation. Which means we may see little bit sluggish end of the week tomorrow as Nifty is already in the resistance zone. This zone might not allow Nifty to escape the clutches easily. But if Nifty does escape this medium term resistance, It can fly ahead with even more power.

Medium Term Resistance zone: 17857 to 18100.

Long Term Resistances: Long Term resistances for Nifty lies at 18446 and 18887.

Medium term Supports: 17614 and 17314.

Long Term Supports: 16828 and 16520.

Long Term Targets for Nifty which it can reach within This year or by Second quarter of 2024 seems to be 19447 or on the upper side 20160. .