$NIFTY $SENSEX Monthly iMTF™ Market Update. The Indian stock market continues to make new high’s. However, we have had the first down month after 5 bullish months.
Note: All charts are provided by TradingView and eSignal for this article
Below is the monthly chart.
Since Feb 2004, the India stock market has been in a long term bullish trend. There was a medium pullback in 2016 but the market has yet to experience a major pull back.
Last month, we posted that the next major resistance is 9733 and then 10251.55. We got close to reaching the 9733 but has not reached it yet. See the current monthly chart below. Notice, on the current monthly bar, you have a swing/long support (black cross) below price and a day/swing resistance (purple dot) above price.
Below is the weekly chart from eSignal: The chart shows $NIFTY is still in a healthy bullish trend with a minor suport at 9483.36.
Below is the daily chart from TradingView. The last pull back to the support of 9483 has caused the trend traders to exit there bullish trend from Jan 25 of price of 8500. Now, the question is will the market go through it’s first major pull back to the support of 9392 or will it consolidate? The support controlling the major pull back is 9483. If this is broken then we have a high probability of reaching 9392, the major pull back support.
If we break the resistance at 9586.05 then we have a high probability of entering a consolidation pattern where 9700 will be the top of the consolidation pattern. We can not state that we can break this high and keep on going until price gets to that level and we can see the state of the charts.
Trade Opportunities
Here is a list of India stocks that are completely bullish:
Here is a list of India stocks that are completely bearish:
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