Just want to point out that Nifty is currently beyond a very important monthly resistance value of 8558
This is the first time in 16 months that it's been able to cross and close above that level.
Some points:
This is the first time in 16 months that it's been able to cross and close above that level.
Some points:
- Nifty P/E ratio is starting to look overvalued at 23+ (up from 20 in early March)
- Mean value of Nifty is currently at 8266
- Money Flow Index averaged for the last 12 months shows divergence from price
- Stochastics on monthly TF are heading towards overbought levels
- If the bulls somehow manage to keep pushing upwards then that strength could persist till Aug/Sep
