NIFTY: Long term Parallel Channel

Nifty seems to be following the Parallel Channel in the long term view. It has been taking support and resistance near the lower and upper edges of the Parallel Channel. It also have shown the similar behavior with the center line of the Parallel Channel.

We all are waiting for the glorious 16000 mark. :)

Looking at the trend and the Parallel Channel that Nifty is following, milestone is not too far.

It is expected to take support from the lower edge of the Parallel Channel and bounce back. By the end of next week, we shall all be celebrating the 16K Victory. Cheers!!!