$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 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.
The market continues to move higher slowly approaching the next major resistance of 10274 which is the 150% Fibonacci extension.
Below is the weekly chart. The weekly confirms the monthly time frame. The major support that has now been establish is at 9842.
Below is the daily chart from eSignal. We have enabled Elliott Wave with the iMTF® Indicator.
The daily is in a bullish trend which tried to go through a major pull back. The weekly support has stopped the major pull back on the daily and now price is going towards the next daily resistance at 10039,
Trade Opportunities
Here is a list of India stocks that are completely bullish. The list has gotten bigger.
Here is a list of India stocks that are completely bearish. The list is going smaller
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