‘Nifty targets at 16,400 and 16,900 now’ | Economic Times

The outlook for Indian stocks is one of the strongest among the markets well-known chartist Aksel Kibar tracks. Bulgaria-based Kibar, founder of Tech Charts, said in an interview that the Nifty index may potentially rise to 16,900 after crossing 16,000 earlier this week. Besides India, Taiwan is another emerging market that has completed a massive consolidation and is showing strength, he said. Edited excerpts: What is your outlook for the Nifty?Nifty 50 index completed a rectangle chart pattern and broke out to all-time highs. Usually those types of tight consolidations can produce strong trend periods. Price targets can be calculated as 1 time or 2 times of the depth of the rectangle. One time price target stands at 16,400 and 2 times price target stands at 16,900.Which are the stocks in India that you like the most from a risk reward point of view?I have covered ICICI Bank under Tech Charts watchlist. The stock confirmed its breakout from a 5-month long cup and handle continuation chart pattern. My price target stands at ₹785 levels.How do you see the Indian rupee faring against other currencies?The USD-INR is range-bound between 72.2 and 75.2 levels. I don't expect a major trend period on the forex side. It’s highly possible the cross rate will be choppy for some time between those two boundaries.Which are the most attractive emerging markets from a technical standpoint?India is breaking out to all-time highs. That's clearly one of the strong markets on my radar. Taiwan is another emerging market that has completed a massive consolidation on the upside and showing strength. Is Brent crude likely to spike further in the near to medium term?Light crude futures are in a steady uptrend above the 200-day average. When the price is above the 200-DMA, my default expectation is the uptrend to continue and price to remain strong. $67 is a critical support area and I expect the price to stabilise around the support area.