Nifty has broken out of a Cup and Handle pattern on weekly timeframe after consolidating around the resistance area of 18600.
Going by the depth of the cup, we can estimate a target range of 21000 to 22000 in the coming months along with minor corrections on the way.
Broadly, 18600 should be the strongest support for the rest of this year.
With the softening of inflation in US and a possible Fed decision to pause interest rate hikes, an extended bull run on the index cannot be ruled out.
Going by the depth of the cup, we can estimate a target range of 21000 to 22000 in the coming months along with minor corrections on the way.
Broadly, 18600 should be the strongest support for the rest of this year.
With the softening of inflation in US and a possible Fed decision to pause interest rate hikes, an extended bull run on the index cannot be ruled out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.