The monthly charts paint a very bullish picture for Nifty as it crossed the resistance line with increasing volumes. Having crossed the multiple resistance at 6250-6400 Nifty has set lofty targets for itself for the medium and long term, if the support zone of 6250-6400 is maintained. In any case, Nifty has found itself a new higher base at 6000 and the downside looks limited to 6000 for now.
The question in every ones's mind is- Are we in a bull market?? Or is this the Modi wave ??
As of now Nifty has shown breakout, and conditions are similar to what they were in 2004 when the previous bull market started. The geo-political situation looks encouraging, investors are skeptical and FII's are compelling themselves to find new reasons to invest in India. Nifty is all set to touch 10,000 in the next couple of years.
Its a matter of time before everyone jumps the wagon !!
A word of caution- The Third Front is rearing its head with every leader worth his name having prime ministerial ambitions. Though they all are suggesting each others's name, in their heart, hope to sit on the chair themselves some day. In the event the election results throwing a surprise, Congress would not mind supporting the Third Front and spoil the party. If that happens, GOD save INDIA...
