Nifty: Trend Analysis (Parallel Channel and 200SMA)
The current uptrend of nifty has started 23-Mar-23 and since then nifty is rising steadily by following parallel uptrend channel. It has taken support three times.
1. 27-Oct-22
2. 05-Jun-24
3. 22-Nov-24
Nifty has also respected the 200 SMA except for breaking it on 12th Nov 24 and then reclaiming back.
Such a trend lasts for at least two years before taking a pause. With Maharashtra election behind, the upcoming key events are:
1. Delhi election – result may not have any major impact.
2. Budget in Feb 2025
Conclusion: in next 2-3 months, we might see brief upsurge till 26000, before nifty cooling off and consolidating and prepare for next up-move.
1. 27-Oct-22
2. 05-Jun-24
3. 22-Nov-24
Nifty has also respected the 200 SMA except for breaking it on 12th Nov 24 and then reclaiming back.
Such a trend lasts for at least two years before taking a pause. With Maharashtra election behind, the upcoming key events are:
1. Delhi election – result may not have any major impact.
2. Budget in Feb 2025
Conclusion: in next 2-3 months, we might see brief upsurge till 26000, before nifty cooling off and consolidating and prepare for next up-move.
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