Nifty, Nifty Future, Nifty tareget, Nifty short term Target, Nifty Resistance Level
Nifty can reach 5650 if it breaches 5150
In an interview with CNBC-TV18, Daryl Guppy, Founder and Director of Guppytraders.com, spoke about his reading of the market and his outlook.
Below is a verbatim transcript of the interview.
Q: A question on the Dow and the S&P – last night was pretty good for them. Does it look like there is more strength to that market?
A: There is certainly more strength in both of those markets. With the Dow, we still have long-term inverted Head and Shoulder pattern, which gives an upside target of 11,600. It will take sometime to get there. It’s not going to happen before Christmas but these are still strong market. We will be looking for some temporary retracement but continuation of long-term uptrends.
Q: What about the Nifty? We did see 4,950 attain on Nifty yesterday. Do you see some more pressure seep in or do you think the markets can move upwards now depending on the kind of global cues that we get?
A: I think we are going to see the markets moving up. Both the Sensex and the Nifty are moving in a sideways trading band. So we are getting Rally and Retreat behaviour in that trading band. If the Nifty breaks above 5,150 then initial upside target is 5,650. If the Sensex breaks above 17,500 then the initial upside target is 19,500.
Q: What the charts telling you on Tata Motors and what are the targets that you think that this stock has a capacity to go up to?
A: The key thing to be looking for in all of the stocks that I like in particular is strong underlying trends where there is lots of investor activity. We can see this with a Guppy Multiple Moving Average Display (GMMA) where the long-term group of moving average is well is separated. So for Tata Motors, the strong uptrend target gives this an initial target of around Rs 850 – but that just an initial target. The strength in the trend can carry price much beyond that level.
Nifty can reach 5650 if it breaches 5150
In an interview with CNBC-TV18, Daryl Guppy, Founder and Director of Guppytraders.com, spoke about his reading of the market and his outlook.
Below is a verbatim transcript of the interview.
Q: A question on the Dow and the S&P – last night was pretty good for them. Does it look like there is more strength to that market?
A: There is certainly more strength in both of those markets. With the Dow, we still have long-term inverted Head and Shoulder pattern, which gives an upside target of 11,600. It will take sometime to get there. It’s not going to happen before Christmas but these are still strong market. We will be looking for some temporary retracement but continuation of long-term uptrends.
Q: What about the Nifty? We did see 4,950 attain on Nifty yesterday. Do you see some more pressure seep in or do you think the markets can move upwards now depending on the kind of global cues that we get?
A: I think we are going to see the markets moving up. Both the Sensex and the Nifty are moving in a sideways trading band. So we are getting Rally and Retreat behaviour in that trading band. If the Nifty breaks above 5,150 then initial upside target is 5,650. If the Sensex breaks above 17,500 then the initial upside target is 19,500.
Q: What the charts telling you on Tata Motors and what are the targets that you think that this stock has a capacity to go up to?
A: The key thing to be looking for in all of the stocks that I like in particular is strong underlying trends where there is lots of investor activity. We can see this with a Guppy Multiple Moving Average Display (GMMA) where the long-term group of moving average is well is separated. So for Tata Motors, the strong uptrend target gives this an initial target of around Rs 850 – but that just an initial target. The strength in the trend can carry price much beyond that level.
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