December 27, 2016

Neowave outlook of market

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It would also be interesting to see if ‘2016 closes below the lower trajectory line at 25500. Remember, the lower trajectory line is a rising one, and therefore, its value for ‘2017 is about 29000.

Since 29000 is way higher than the current levels of about 26000, the year ‘2017 would surely open below the lower trajectory line.

The question is whether this could lead to larger disastrous consequences like it did after breaking lower trajectory line in ‘1995 and ‘2008. At this point, we are only raising the technical concerns and not drawing any conclusions.

This is because Index is close to our downside target area of 25000-500 (Nifty 7700-7800), against which, Index has already hit a low of 25718 (Nifty 7916), which is within the tolerance levels of 1-3% allowed under NEoWave.

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Read more at http://content.icicidirect.com/ULFiles/UploadFile_2016122611519.asp

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