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Indian Nifty Index - Gann Angle resistance

Posted by on in The Time Factor
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Indian equity markets have made a very strong start to the 2017 trading year. Whilst the WD Gann Road Map for Indian stocks suggests that the 9000 level will be reached some time this year, there will be a number of very strong trading opportunities in Indian equities if you have the timing right.

The chart below shows some reasons as to why we may be seeing a pause in the upward momentum on Indian stocks. You will see that the recent top on 9 Feb came in on a very strong "trading to Time" date, with strong correlation to the 9 Aug and 9 Nov turning points. We also have a 1x1 calendar day Gann Angle creating resistance at current prices (see chart below).

Nifty - 10 Feb 2017 daily chart

click to enlarge chart

If Indian equities can continue moving through the 9 Feb high, then I would expect stronger prices to continue until the first week of March.

I will be providing a detailed update on Indian equities in my February edition of the Time Factor Trade Report, but until then, watch the chart above closely.

As I stated at the beginning of the year, my bias for Indian equities remains bullish throughout the course of 2017, until the TIME FACTOR expires in the second half of the year causing a significant price correction to come.

Until next time... 

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