$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 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,
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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