So where do we go from here? The monthly chart of the Nifty gives a clear direction as to where we are headed in the long term up. Since we are at an all-time high level, we will have to depend on the Fibonacci extensions for an answer. The chart shows you the swings in the Nifty, and the 100% Fibonacci extension of the moves gives us a target of 22,131, a level that we have spoken about in the past, in this column. That target is not the last word. It is a mere number on the road ahead.
On the lower side, a very strong support exists at the previous high of 20,222 recorded in September 2023. This level almost coincides with the trend line formed by joining the October 2021 and December 2022 highs.
This story is from the December 18, 2023 edition of Financial Express Mumbai.
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This story is from the December 18, 2023 edition of Financial Express Mumbai.
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