As there are breakouts on the long-term charts post-budget if the market sustains above 10600 levels market can retain its positive momentum over the medium term.
It was nothing short of a Chartist delight when I discovered breakouts across the time frames as I delve through historical charts of different indices. The conclusion? Each time frame chart was throwing up its own target for Nifty50.
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On daily time frame target was 11100, on the weekly chart, it is 11533, monthly chart it is 12005, and on the quarterly chart it was about 13,500 on the Nifty50.
This bull market which was till now dominated by a handful of sectors with minimal contribution from pivotal names like IT, Pharma, Capital Goods, and Metals are suddenly looking much stronger and robust with broad-based participation as leadership appears to be changing from Financials to IT and becoming much wider.
Besides many sectors which were lagging till now have either registered breakouts or on the verge of a breakout on the longer time frame charts which shall facilitate Nifty50 in achieving bigger targets.
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