21 December 2016

NIFTY EW ANALYSIS

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.
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.