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Hi Friends, As mentioned in my previous post Nifty took support near 8330. Nifty retraced 23.6% of the previous Rise from 7900-8460. After testing 8330 Nifty started rising again and tested 8672 and closed near 8640.
NIFTY
As mentioned the Rise from 7900-8460 seems to be an Impulse. This Impulse might be the Wave 1 of the New Bull Market. The decline to 8330 seems to be Correction in Wave 2 and Nifty might be in Wave 3 currently. On hourly chart Nifty seems to be in wave (i) of Wave 3. Wave (i) might get over near 8730. Nifty might correct to 8610 in wave (ii) of Wave 3 of New Bull Market. Currently there is Strong Resistance near 8730 and Support at 8610. Since currently Nifty is overbought it may remain in this range for next 3-4 sessions and resume the Uptrend in Wave (iii) of 3 post Budget. Break above 8730 would be Final confirmation of a Bull Market. Once Nifty breaks and sustains above 8730 there is no looking back. The target for Wave 3 shall be 9230 i.e. 1.68% extension of Wave 1.
Currently we need to watch price action near 8730 and 8610 carefully to determine future course of action. Those who still haven't made any Investments and looking for the Dip; Budget would be the Best Opportunity. Investors need to find Stock Specific Opportunities over next few sessions to make Investment in Equities. Don't miss the Opportunity now. Thanks & Regards, Harsh Dixit.
Hi Friends, As mentioned in my video analysis after breaking the Rising Channel Nifty started declining. Nifty also broke the Support at 8370 and closed below it. As mentioned below 8370 the Short Term Trend has changed to Down.
NIFTY HOURLY
The current Rise from the low of 7900 seems to be an Impulse as shown in the Hourly Chart. We can clearly see a 5 Wave move Up completing near 8460. This Impulse might be the Wave I of the New Bull Market. Nifty closed below important Support of 8370. Below 8370 Nifty may correct till 8330, 8290 or 8230 in Wave II of the New Bull Market.
As mentioned earlier Nifty seem to have resumed the Bull Market. Currently the Short Term Trend is down and Correction may get over near 8230. Nifty may resume the Up Trend above 8430. I would look for alternate count only below 8110.
Currently we need to watch price action near 8230 and 8430 carefully to determine future course of action. Those who still haven't made any Investments and looking for the Dip; this Correction would be the Best Opportunity. Investors need to find Stock Specific Opportunities over next 1-2 weeks to make Investment in Equities. Thanks & Regards, Harsh Dixit.
Hi Friends, This is my 1st video Analysis on Nifty. In this video I'm discussing about the Long Term as well as Short Term Trend in Nifty based on Elliott Wave Principle. As we are now back in Bull Market I'm Forecasting a Target of 11,300 by year end 2017. Also discussed short term Support and Target for month of January 2017.
Hi Friends, As mentioned in my previous post Nifty took Resistance near 8275-8300. Nifty tested 8306 however failed to close above 8275. As mentioned earlier Nifty has taken Support at the 50% Fibonacci Retracement and formed a Double Bottom near 7900 with Positive Divergence on RSI. All these are signs of possible Trend Reversal. However Bulls need to break above 8300-8338 to confirm Bull Trend.
NIFTY DAILY
The current Rise from the low of 7900 seems to be an Impulse as shown in the Hourly Chart Below. We can clearly see a 5 Wave move Up completing near 8306. This Impulse might be the Wave (i) of the New Bull Market. Nifty closed below important Intraday Support of 8250. Below 8250 Nifty may correct till 8183, 8151 or 8133 in Wave (ii) of the New Bull Market (If any.)
NIFTY HOURLY
In my earlier post I also mentioned about Head & Shoulders Pattern. However, currently Bulls are having Upper Hand. The HnS Pattern may Fail if Bulls manage to take out 8300-8338. The Neckline of the HnS is near 7900. To Break the HnS Bears need to break the support at 8110-8065 and finally the Neckline near 7900. Currently Bears are on loosing side. And it seems that the Pattern is more likely to Fail. As mentioned currently Nifty might be still in Corrective Mode in Wave (II) of one larger Degree. Until Bulls take out 8300 Nifty would Remain in Down Trend. Bull Market will Resume above 8300, 8338. If Bears break the support at 8110 and 7900 Nifty may Decline to 7678 or lower to 7489.
Currently we need to watch price action near 8110 and 8338 carefully to determine future course of action. As mentioned Nifty seems to be completing correction in Wave (II). Investors need to find Stock Specific Opportunities over next 1-2 months to make Investment in Equities. Those who missed the Opportunity in Feb 2016 can surely look to Invest in next 1-2 months as the Market Bottoms Out. Thanks & Regards, Harsh Dixit.
Hi Friends, As mentioned in my previous post Nifty took Support near 7896 and gave a sharp Rebound. Nifty broke the resistance of 8110 and tested 8212. Nifty has taken Support at the 50% Fibonacci Retracement and formed a Double Bottom near 7900 with Positive Divergence on RSI. All these are signs of possible Trend Reversal.
NIFTY
In my previous post I also mentioned about Head & Shoulders Pattern. The Neckline of the HnS is near 7900. To Break the HnS Bears need to break the support at 8110-8065 and finally the Neckline near 7900. Currently Bears seem to be on loosing side. As mentioned currently Nifty might 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 8065 and 7896 Nifty may Decline to 7678 or lower to 7489.
Currently we need to watch price action near 8065 and 8338 carefully to determine future course of action. As mentioned Nifty is in Wave (II). Investors need to find Stock Specific Opportunities over 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.
