NIFTY 30000?

The Nifty is the flagship benchmark of the National Stock Exchange (NSE), which is a well-diversified index, comprising top 50 companies in terms of free-float market capitalization that are traded on the bourse. It is supposed to reflect the health of the listed universe of Indian companies, and hence the broader economy, in all market conditions. -ET

View- Bullish.
Let’s look at the thorough technical analysis of Nifty 50. The current market price of nifty as on 04-07-2021 was 15722 and we are expecting it to reach a target of 30000 in 2-3 years.

Nifty registered a top on 01-Apr-1992. After that, the prices moved in a channel till 01-Jul-2005 and then comes a massive bull domination phase for almost 4 years. If I consider the data from channel bottom and after that market crashed in 2008 which looks like a channel retest in long term charts and then again the price moved in an upward channel like before.

In this chart we’ve tried to estimate the time for how the long price stayed inside the first channel and have compared it with the second one and it looks like both the channels took the same amount of time inside the channels. #Stunned
So, this gives us a rough idea that for 2-3 years bulls are going to dominate the Nifty but smaller pullbacks and shakeouts cannot be ruled out even if Nifty rallies ferociously.

After coming out from the first channel it is quite visible how nicely it went up and more than doubled in just a span of 2 and a half year’s. The same might happen in coming years if we are analyzing the price structure correctly.
But for this thing to happen global cues also have to support, so let’s look at the chart of NYSE.

NYSE is moving in a very nice upward channel without breaking the lows despite testing it many times.
For this chart the analysis is quite simple: As you can see, there’s a midway between highway for bulls and lower lane for bears and whenever the price stayed above the midway, It has rushed madly in the upper lane of bulls.
A breakout is yet to happen here and we’ll see it in the coming weeks that how it deals with this stiff resistance and if that happens we’ll have the support from global cues as well.

If we analyze the price structure here, you can see clearly that how beautifully these 2 patterns are constructed and price is behaving the same way like earlier.
That’s the reason why Technical Analysts say “History repeats itself”.

Dow Jones also looks set in weekly timeframe to move much higher as the bigger reverse symmetry is tested and it has also given a Flag breakout. #BULLISH

Disclaimer- This blogpost is shared purely for the educational purposes and we are not liable for anybody’s profit or loss.

This study is totally done only on the basis of Technical Analysis. We know that a lot of factors like Economic conditions, Politics etc. are going to influence if Nifty has to double from here.
It depends from person to person that how they want to play this Trend. If you are interested to know the different ways how this Trend can be played for much higher returns and low risk, Don’t wait just shoot up an E-mail at- info@tradetales.in
PEACE.