NIFTY AHEAD OF BUDGET

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.