$NIFTY Indian Stock Market Update. The Indian stock market continues to make new high’s. However, it is approaching of the first major resistances.
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 next major resistance is 9733 and then 10251.55. Since there is no previous history for resistances, we have to see what happens with price action around these values.
Below is the weekly chart:. Since the beginning of this year, the market has gone up with only minor pull backs. The major support that is holding this bullish trend right now is 9225.00
Below is the daily chart:. Since the market is in a major bullish trend, the daily really gives a good view on what the market is doing short. From green setup area, Jan 25, the market breakouts out into the bullish trend. Since that time, the people that entered this setup are still in the trade since price hasn’t gotten to the green trailing dot stop. Furthermore, the black cross $iMTF™ supports are going higher too which is critical for the trend to remain intact. Based on the daily time frame, the support right now is 9530.19. Since the daily is trending, it is hard to establish a good support until a pull back starts to occur.
Here is a list of India stocks that are completely bullish:
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