NIFTY 50 Is Heading To 13,000
October 20, 2019
While NIFTY can certainly go higher than that, and I actually do believe it does, for right now 13,000 is a solid target. This level represents the 261.8% Fibonacci Extension of the 2008 decline and also the 261.8% Extension of the 2015-2016 decline. For me, it's when these extensions cluster together where we want to pay more attention.
This is where I think we're going.
Sideways to up, I believe, is the path of least resistance. Not down.
If/when the data changes, we'll change our approach.
This is a market environment where we want to be looking for stocks to buy, not stocks to sell.
JC