March 31, 2018

HDFC outlook for markets

Technical forecasting for coming months

• The detailed study of Nifty as per smaller timeframe like daily to a larger timeframe like quarterly, is showing a broader down trended move, with a formation of important top reversal at the all-time high of 11,171 - 29th Jan 18
• The chart pattern of larger timeframe (monthly and quarterly) are signaling a multi-month declines in Nifty, as per thelarger negative sequence of lower tops and bottoms
• Having declined sharply from the all-time highs to the swing low of 9951 levels in the last two months, a decent upside bounce is expected, which could possibly take Nifty towards the high of 10,450 - 10,500 levels, in the month of April or by May 18
• The expected upside bounce could eventually form a new lower top, and we are likely to see a resumption of sharp declines again from the highs, after the completion of lower top
• The ultimate downside target for Nifty could be ~9000 - 8900 levels, which is expected to take 7-9 months from here to form, and that could eventually be an opportunity for bottom fishing in the market.

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