Hi Friends,
As mentioned in my previous post after breaking 8065 Nifty extended the Down Trend. Nifty is Forming a Head & Shoulders Pattern. This Pattern suggesting that the Current Down Trend may extend for another month or two and there may be another 5-10% Decline in Market.
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| NIFTY HNS |
The Neckline of the HNS is at 7927 and previous Swing Low Support at 7916. Nifty may take Support near 7896 and Rebound. If Bulls manage to protect 7896 Nifty may Rebound to 8065, 8112. We can expect a Range-bound action in the last week of the year. Yearly close might be near 7972. Bulls will try to give a Yearly Doji Close.
As mentioned currently Nifty seems to be still in Corrective Mode in Wave (II). Until Bulls take out Previous Swing High of 8275 Nifty would Remain in Down Trend. Bull Market will Resume above 8275, 8338. If Bears break the support at 7896 Nifty may Decline to 7678 or lower to 7489.
Currently we need to watch price action near 7896 and 8112 carefully to determine future course of action. As mentioned Nifty is in Wave (II). Investors need to stay aside and find Stock Specific Opportunities oven next 2 months to make Investment in Equities. Those who missed the Opportunity in Feb 2016 can surely look to Invest in next 2 months as the Market Bottoms Out.
Thanks & Regards,
Harsh Dixit.
Hi Friends,
As mentioned in my previous post after breaking 8191 Nifty started declining again. Nifty failing to break out of the Falling Channel. However, Nifty again took support near 8065, which is a very Strong Support. There maybe a Rebound in Nifty towards 8130-8180. However Bulls need to break the Resistance at 8338 to Resume Bull Trend.
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| NIFTY |
As mentioned currently Nifty seems to be still in Corrective Mode in Wave (II). Currently we are at Crucial Juncture. If Bulls manage to take out 8338 and 8489 it would be Highly Bullish Confirmation of a Resumption of Bull Market. However, if Bears break the support at 8065 Nifty may Decline to 7678 or even lower.
Currently we need to watch price action near 8065 and 8338 carefully to determine future course of action. As mentioned Nifty is close to forming a Bottom in Wave (II). Investors need to find Stock Specific Opportunities to make Investment in Equities. Those who missed the Opportunity in Feb 2016 can surely look to Invest in next 2 months.
Thanks & Regards,
Harsh Dixit.
Hi Friends,
As mentioned in my previous post Nifty again took support near 8060 and broke above 8160. Nifty has broken above previous Swing High of 8250 and also trying to brake out of Falling Channel. This might be an Indication of Possible Trend Change. However Bulls need to break the Resistance at 8338 to confirm Bullish Reversal.
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| NIFTY |
Nifty tested 8275 and has given a Hanging Man Candlestick Pattern on Daily Chart which is Bearish Signal. However, as mentioned earlier a single candlestick doesn't have much significance and Bears need to break below 8243-8191 to resume Down Trend. As mentioned currently Nifty seems to be still in Corrective Mode in Wave (II). Currently we are at crucial juncture. On Weekly Chart Nifty has given a Bullish Signal and on Daily it's giving a Bearish Signal. If Bulls manage to take out 8338 and 8489 it would be Highly Bullish Confirmation of a possible Trend Change. However, if Bears break the support at 8191 Nifty may resume Down Trend. If Bears manage to take out 8191 Nifty may decline to 7777, 7678 or even lower.
Currently we need to watch price action near 8191 and 8338 carefully to determine future course of action. As mentioned Nifty is close to forming a Bottom in Wave (II). Investors need to find Stock Specific Opportunities to make Investment in Equities. Those who missed the Opportunity in Feb 2016 can surely look to Invest in next 2 months.
Thanks & Regards,
Harsh Dixit.
Hi Friends,
As mentioned in my previous post Nifty took support at 8065 and broke above 8140. After breakout above 8140 Nifty tested 8250 and started declining. Nifty erased all the gains made in a week and closed at 8087.
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| NIFTY Weekly |
As mentioned currently Nifty seems to be still in Corrective Mode in Wave (II). On weekly chart Nifty formed a Gravestone Doji which is a Bearish Signal. However, Bears need to break the support at 8065 to resume Down Trend. If Bears manage to take out 8065 Nifty may decline to 7777 or lower to 7678. If Bears fail to break below 8065 and Bulls manage to take out 8159 Nifty may start rising again and may test 8337.
Currently we need to watch price action near 8065 and 8159 carefully to determine future course of action. As mentioned Nifty is close to forming a Bottom in Wave (II). Investors need to find Stock Specific Opportunities to make Investment in Equities. Those who missed the Opportunity in Feb 2016 can surely look to Invest in next 2 months.
Thanks & Regards,
Harsh Dixit.
