Published on: April 1, 2024
As the new financial year, 2024-2025, the Nifty, India’s benchmark index, has soared to unprecedented heights, setting a new all-time high. With the first quarter of the year witnessing a steady upward trend, April dawns with a bullish momentum, sparking speculation about the index’s potential trajectory in the coming months.
Can the Nifty breach the 23,000 mark ahead of election result?
Reflecting on the previous year’s performance offers insight into potential future movements. In 2023, the Nifty experienced a bearish first quarter, only to witness a reversal in trend as April commenced. The question now arises: will history repeat itself in 2024?
Nifty Weekly Chart
Source: Zone Web
Analysing the weekly chart reveals intriguing patterns. At 21,700, the Nifty appears to have established a new base or a potential trend reversal point. The recent high of 22,526, coupled with a bearish weekly candle, may pose a minor resistance level on the weekly closing basis. However, bullish sentiment could gain momentum if the index closes above 22,555, effectively nullifying the impact of the bearish candle.
Many factors, including corporate earnings, global market trends, and election decisions, will undoubtedly influence the Nifty’s performance in the coming weeks.
As a trader, expect the volatility to increase in next 6-8 weeks as the election begins from 19th April 2024.
