$NIFTY Indian Stock Market Update. We are approaching next resistance fast! The Indian stock market has been on a strong bullish trend lately. Will it continue to go is the major question everyone has? We will allow technical analysis to tell us this for our monthly India market update.
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. It has gone through consolidation pattern and major pull backs but that bullish trend still has remain intact. Since 2015, we reached a high and formed a big consolidation patter from 6854 to 8899.
The market continues to make new high’s with April following through after breaking the resistance at 9000. Supports are going higher and price is getting close to the next resistance at 9455.35.
Below is the weekly chart:
The chart confirms the monthly timeframe. The bullish trend is very strong.
Below is the daily chart:
The daily chart is bullish with a major support at 9220.30. As long as this support holds, there is a high probability of price reaching 9455.00
Here is a list of India stocks that completely bullish:
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