9000 may be touched soon, but Nifty is looking a bit stretched. This has happened after Trump speech. This can be said as emotional reaction to his emotional speech.
In my experience stock markets do not run on emotions for long. Once 9000 is breached, a lot of people will start booking profits and Nifty may fall. So chances of fall after 9000 is breached is more than Nifty crossing 9100.
Why do I think so?
Because in the ground there is no dramatic change in the profit statements of most companies. In fact in India after the demonetization of Rs.500.00 and Rs.1000.00 notes many companies suffered losses or got lower business than usual. Things are normal now, but it will definitely show in the next two quarterly results. GDP will also come down this financial year.
Here it is, Nifty fell after hitting almost 8985 today – 02-March-2017. This is image of Nifty closing on 02-March-2017:
I am sure all Technical Analyst must be saying that Nifty will go even higher. I am not a TA, I just look at how Nifty behave as per the economics of our country and trader’s mindset. 🙂
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