Nifty50 Index is showing a very bullish trend is observed on daily time frame. We have used Elliot wave theory, which indicates nifty will touch its all time high near about 18800-19000 in current month.
Nifty50 made its all time time high in Oct21 which was at 18604. PE Ratio of Nifty at that time is around 27.72 and PB Ratio is 4.55. Both ratio indicates expensive valuation. However, with backing of strong corporate results , PE Ratio and PE Ratio of Nifty as on 4th Nov-22 is 21.77 and 4.26. Both are quite lower than year before. Indian economy shown robust performance after end of Covid pandemic.
As per my view, there is a bright chance that Nifty50 will crossed its all time high in current month itself.
Nifty50 made its all time time high in Oct21 which was at 18604. PE Ratio of Nifty at that time is around 27.72 and PB Ratio is 4.55. Both ratio indicates expensive valuation. However, with backing of strong corporate results , PE Ratio and PE Ratio of Nifty as on 4th Nov-22 is 21.77 and 4.26. Both are quite lower than year before. Indian economy shown robust performance after end of Covid pandemic.
As per my view, there is a bright chance that Nifty50 will crossed its all time high in current month itself.
Trade closed: target reached:
Index touched 18801 level. It better to book profit. In 24 days, index moved from 18117 to 18801.