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Nifty likely to head towards 11,400; 3 stocks that could return 4-12% in 6 months
The bullish breakout above 10,930 has resulted in a conclusion of a five-month-long triangular pattern, signaling fresh upsides in coming weeks for Nifty
Equity benchmarks scaled back to record highs in July 2018, exhibiting resilience in the face of rising trade war concerns and depreciation of the rupee against the US dollar.
The Nifty, during the previous month, rallied beyond our projected target of 10,930 for July. In the process, the index made a strong base at 10,550, which acted as a launch pad for it to rally towards its record high of 11,171.
We have revised the short term support base higher to 10,850 levels as it is the confluence of the following technical observation:
- 50 percent retracement of the rally off June 2018 lows at 10,850
- Value bullish gap on July 10 at 10,880
- Value of rising trend line connecting December 2016 and March 2018 lows placed at 10,800
Structurally, in line with our view, broader markets accelerated their upward momentum as they formed higher high-low on weekly chart after finding support from a lower band of falling wedge, corroborating with northward inching stochastic oscillator, signifying renewed buying demand from key value area.
Since March 2018, subsequent declines of the Nifty Midcap and Smallcap have been contracting, indicating diminishing corrective bias.
The stock has seen a major base formation in the last three months around the support area and has recently resumed a fresh up move, thus providing an entry opportunity for the medium term prospective.
Post the base formation, the stock has recently resumed up move and has formed a higher peak and higher trough on the weekly chart. It has led to a higher base formation signalling a reversal of the corrective trend and resumption of the fresh up move in the stock.
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