Nifty future has bounced after the correction, hence forming an intermediate bottom, in such case traders need not look at technical analysis. Fundamental analysis will give you with a much clearer picture, currently inflation has come under the comfort zone of government, IIP data is also quite ok now we have seen positive numbers there, RBI has started to infuse more liquidity by reducing CRR in its last credit policy. Also global markets were looking much supportive, in US S&P 500 and DOWJONES were making new highs in expectation that situation in US and Europe was really improving. Indian Rupee also strengthened from 54 to 49 against US dollar. When such fundamental changes happen it’s more likely that nifty future has formed a bottom for long term and in ready for next Bull Run.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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