24 October 2016


Hi Friends,

It's been a long time I have posted on Nifty. As mentioned in my previous post Nifty remained in prolonged Correction over last few weeks. After testing 8969 Nifty corrected to 8506. After testing major support near 8500 Nifty bounced back sharply above 8700 and formed a Hammer on Weekly Chart. This is an indication of a possible Rise in Nifty in near term future.
Currently Nifty seems to have completed Correction in Wave 4 at 8506 and started a Rise in Wave 5. Currently Support is at 8670, 8630 and Resistance at 8750, 8770. If Bulls manage to take out 8750-8770 Nifty may rise in Wave 5 to 9200 and 9500 or Higher.

Currently we need to watch price action near 8670 and 8770 carefully to determine future course of action. Until Nifty stays above 8630 I would like to stick to this Wave Count. I will look for any other Count only in case Bulls fail to protect 8630 and major support at 8500.

Thanks & Regards,

Harsh Dixit.

No comments:

Post a Comment