Investors are pleased that our country’s hero has reached the 19,000 mark for the first time and are interested in what comes next. Today, people often inquire as to what has been going through their heads. Nifty: Will it reach 20,000? So, read on to learn more.
Let me start by thanking all of the investors for their perseverance. As everyone is aware, the Nifty 50 is an INDEX that represents the usual retail, FII, or DII attitude. Demand is high and the economy is performing well while it is heading upward. If it’s down, on the other hand, the economy isn’t doing very well.
Will it now cease even though it has reached its new benchmark? Simple response: No.
Corrections are nevertheless beneficial and essential; however, we’ll get to that in a moment. Both the Sensex and NIFTY 50 have reached record highs. We have, surprisingly, noticed a pattern in it. A rising wedge pattern is what it is known as.
The Rising Wedge Pattern: What is it?
Technical chart patterns called rising wedges typically show up when the stock market is trending upward. It is created by drawing two trendlines that converge towards one another, with the lower trendline being steeper than the upper trendline. The price has a tendency to make higher highs and higher lows within the wedge formation.
Let’s just use the Nifty 50 chart as an example. This is how it seems.
It clearly appears to be approaching the next threshold of 20,000. Before delivering the fall that all PE or put holders have been waiting for. Our recommendation is to play cautiously and avoid falling prey to this euphoria.
Disclaimer: This is not a call or financial advice. The analysis performed above is only meant to be educational. Please follow the advice of your own financial advisor when making an investment. To understand the pattern better click here, Follow us on insta
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