High probability of NEPSE creating new peak on Mid November (Exclusive TA Analysis)

ShareSansar August 21:

After seven long years NEPSE finally breached its 1175 levels to close at a level of 1192.92 benchmark index. Yesterday NEPSE has made a new high of 1200.92 levels.

Now, many of us are curious where would the stock market head from here. So, to enlighten the stakeholders in this matter, the Sharesansar team asked Technical Analyst Mr. Sagun Shakya  to highlight some of the likely scenarios.

NEPSE reached its first high of 545.82 levels on November 11, 2000 and came down to a low of 186.22 levels on March 15, 2003.Later, after 8 years on August 31, 2008 NEPSE was successful in making a new high of 1175 points with a turnover of Rs 13.84 crore.  Again on March 29, 2012 NEPSE index went as low as 298.89 levels.

Mr. Sagun Shakya –Technical Analyst  claims that  since NEPSE index breach its all time high 1175 levels with an ease, supported by the  huge volume of Rs 66.77 crore clearly indicates that the market is in bull-run and the current trend is positive.

The  Market will come down with some points for some days for correction, but surely it will target to make a new high by mid November, Shakya assured.Whatsoever happens fundamentally or politically, the market is going to achieve its target of making a new high.

Last year, technical analyst Mr. Shakya had said, that  if the Nepse index breaches the 1175 level, then its next strong resistance will be near  1750 level.

To read, click: Technically, where is the stock market heading from here?