MUMBAI:In what could be a re-run of May 2014, the Indian equity markets have entered into a 'Mirror Image' formation on the technical charts which is expected to push the benchmark NSE Nifty above the 12,500 points-mark. Edelweiss Investor Research's Chief technical Analyst Sagar Doshi said that formation has been spotted in the Indian equity markets which is mirroring a trend last seen in May 2014. "Market has formed a replica pattern of 2014 which suggests that we may witness the index at or above 12,500 points levels in May." Currently, in May 2019, NSE Nifty is again on similar pattern as seen during the first 10 days of month when it broke previous month's lows. According to Geojit Financial Services Chief Market Strategist Anand James, in at least four aspects the ongoing moves of NSE Nifty mirrors the pre-election moves of 2014.

Source: Mint May 08, 2019 10:52 UTC