Nifty - Journey towards new horizons...
Nifty...The top index of Indian stock market, has already started the northward journey...
the index has turned to nortward direction...lot of indications are already been given by the index itself after 29th February 2016.
First indication was the hammer at bottom created on 29th Februaary itself. Same dat it created double bottom. Next day if gave boosting upmove by opening gap up and also creating another pattern type - kicking, on the chart. The day after that, it created on more landmark event on the charts. The major and remarkeable event occurs on the daily chart. The most important indicator - supertrend gave positive crossover and first time after january 2016. This time the crossover was significant because it was supported by lot of other positive indications as stated above.
After the supertrend crossover, Nifty has created lot of scenes on the chart. Upmove, consolidation, retressment, Dojis, reversal and so on. The only thing it has not done is, negative supertrend crossover. The index, despite of almost touching the supertrend from above, never break the index. The index, every time coming near the indicator, has taken support from the same and started fresh upward move. The clear indication of Uptrend beginning.
The most important part of supertrend indicator is that it allows to ride the trader for very long rides. Infact, it helps to follow the profits with trailing technique. Trader having appetite of following the price for maximum profits can use this indicator to follow the maximum profits. The proof of Supertrend success has recently observed in majority of the stocks in 2013 famous bull run. Few best examples consist of Auropharma, Asianpaints, Ceat and many more. If supertrend is observer on monthly charts, then it can give more better results.
The point is that the index has given the positive crossover on 2nd March, 2016 and after that it has not shown any indication of negative move, the indication is very much clear. The Nifty index has already entered in another bull run and this time more matured, more consistent and more affirmative uptrend.
The globle and macro micro pointers are not too negative to negat the uptrend of the Index. Whether globle economy or domestic conditions, nothing is against this most awaited move of the index. Its a traders paradise, if the index is again entering in the bull run.
So Traders, get ready for the joy ride...
Wish you all happy trading...Trend is friend...
- Anand Singh Gaur
- Sunil Kothari