Selling in Nifty may be over.
Nifty should not breach 15750 on lower side.
My view is in the next month you can see Nifty heading towards 16900, 17000.
Logic : - 1) Double bottom seems to be formed.
2) 16400 Resistance is becoming weak as it tested multiple times.
3) There is Two Red Candles in Nifty Monthly Chart. Very rarely Nifty formed three or more red monthly candles in a row.
So my bet is on 17000 next month.
It may come slowly but I think we might see 17000.
Again if 15750 support Breaks then my view fails.
Nifty should not breach 15750 on lower side.
My view is in the next month you can see Nifty heading towards 16900, 17000.
Logic : - 1) Double bottom seems to be formed.
2) 16400 Resistance is becoming weak as it tested multiple times.
3) There is Two Red Candles in Nifty Monthly Chart. Very rarely Nifty formed three or more red monthly candles in a row.
So my bet is on 17000 next month.
It may come slowly but I think we might see 17000.
Again if 15750 support Breaks then my view fails.
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Abhijeet_Kulkarni
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