Are we ready for a 50% BOOST in the NIFTY? Targets set for 18250 over a couple of years…

Economics 06 July 2020 1:01:PM

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Are we ready for a 50% BOOST in the NIFTY? Targets set for 18250 over a couple of years…

NIFTY SPOT: 12168.45 (+12.01%)

Higher Top & higher Bottom since 2013, after a 5-year consoli- dation breakout (2008-2013)
Walking the BAND (Upper Bollinger band) since 2014, even as the bands expand
Closed near the HIGH of the year 12168.45 vs 12293.90 (within a percent of the HIGHs)
Confirmatory close above HIGH of earlier year 2018 (11760), which showed a “SPINNING TOP”
Broader Markets underperformed with MIDCAP loosing 5% and SMALLCAP loosing 11%.
Fibonacci  Extensions on monthly chart of NIFTY (Refer the above chart) (LOW of 1990: 279, HIGH of 2008: 6357 and LOW of 2008: 2253)

Crossed  100%  retracement  (8415)  and  127.6%  retracement (10068) in year 2017
Breather in year 2018 with a DOJI (“SPINNING Top”)
Closing near the 161.8% retracement (12171) in year 2019
Projections open for 261.8% retracement (18250) over next few years.
The Indicators
Yearly RSI in a gradual uptrend unlike in 2008
ADX @ 33 (above 25) indicating a strong momentum