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Nifty - Should we invest @ ATH (All time high) or wait for correction ?

Below Nifty Chart is a Weekly Chart.

We can see, there is no major downside appearing in the near future

Below is the Nifty monthly chart

You can see, if, Is it going to break upwards the previous month's high? Obviously, it seems, it is going to break the previous month high.

Going by the pattern analysis and F&O data, the coming week is a truncated one. Nifty is at resistance level, where it can move higher and resistance can become support for further analysis.

17450 is a crucial low point to be watched, if this level sustain again this week, the probability of Nifty can touch a new high is very high.

Need to consider the below points for coming days:

  1. Corporate earnings for september end, are in pipe line for 50 companies, including Infosys, Wipro, Mindtree, HCL Technologies, HDFC Bank, and Avenue Supermarts.

  2. Domestic economic Data: Which includes September CPI Inflation, August Industrial output Data, and WPI Inflation data on the cards.

  3. New IPO listings includes Aditya Birla Sun Life AMC will make its debut, on Monday.

  4. Corona Virus and Vaccination Data

  5. US Bond Yields, the Dollar index, and Crude Oil Prices

  6. Indian Rupee and Foreign Institutional Flow.

  7. Global Data flow

  8. Corporate Actions

  9. Volatility Index, which is declined significantly; INDIAVIX came off by 9.05% to 15.65.

In conclusion, current data does not show any major correction on card. even it is a fact that no one can mesure the market.

Corporate action seems boost up the sentiments.

Unless there are any major negative cues to deal with, we will see the new week beginning on a positive note.

NIFTY will find resistance at 17950 and 18335 levels. The supports come in at 17700 and 17610 levels.

Thanks for reading

Happy Trading

Keep Investing


Neeraj Bhatia

Managing Director

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