NIFTY - SHORT TERM TOP IN PLACE??

Hi Friends,

As mentioned in my Twitter post Nifty took support near 8710 and resumed Up Trend. Nifty tested 8920 and formed Hanging Man Candlestick Pattern. There is Fibonacci Resistance at 8929 and Negative Divergence on RSI. All these are signaling a Shot Term Top is near.

NIFTY

As mentioned the Rise from 7900-8460 seems to be an Impulse in Wave 1 of the New Bull Market. The decline to 8327 seems to be Correction in Wave 2. Nifty consumed lot of time between 8710-8820 and hence a Revision in Wave Count needed. Nifty seem to have completed extended 3rd Wave near 8820. And decline to 8712 seems to be Wave 4. Currently Nifty seems to be in Wave 5 which is nearing end.

Currently there is Strong Support at 8810-8820. Until Nifty stays above the support Nifty may continue it's Up Trend. The Resistance is at 8929, 8969 and 9063. Nifty may start declining once breaks 8810-8820. Below 8810 Trend will change to Down.

As mentioned in my video analysis the crowd is now Bullish as Nifty reaching the Highs. It's a Typical phenomenon of Market Sentiments. Currently Bulls need to be extremely careful. One must book profits as Nifty nearing the Highs. And must avoid excessive buying or leveraging. While it's a Long Caution it doesn't mean a Sell Signal. Trend will change to Down below 8810. Once the Trend changes to Down one can then short on Rise.

As mentioned we are still in early stage of Bull Market. Those who haven't made any Investments can wait for the Correction to get over in a month ahead. The Correction will give a buying Opportunity. One needs to find Stock Specific Opportunities to make Investment in Equities. Currently just wait for Correction to get over.


Thanks & Regards,

Harsh Dixit.

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NIFTY IN CONSOLIDATION - WHAT LIES AHEAD??

Hi Friends,

As mentioned in my previous post Nifty seems to be in extended  3rd Wave. After breaking 8730 Nifty tested 8820. Nifty has been in range from 8720-8820 for entire week. On weekly Chart Nifty formed a Doji and closed near 8793.

As mentioned the Rise from 7900-8460 seems to be an Impulse in Wave 1 of the New Bull Market. The decline to 8327 seems to be Correction in Wave 2. Currently Nifty seems to be in extended 3rd Wave. On hourly chart Nifty seems to have completed wave (I) of Wave 3 at 8672. The decline to 8537 seems to be wave (II) of extended 3rd. Currently Nifty seems to be in wave (III) of 3 which is further subdividing.

As mentioned close above 8730 is Highly Bullish Indication. Currently there is Strong Support at 8710-8730. Until Nifty stays above the support Nifty may continue it's Up Trend. The Resistance is at 8822, 8896 and 9063. Nifty may rise in Wave 3 to 9170-9230 i.e. 1.68% extension of Wave 1.

As mentioned in my video analysis major participants are still in disbelief. We are currently in early stage of Bull Market. The majority will believe in the Bull once Nifty breaks above Lifetime High of 9118. Those who still haven't made any Investments need to find Stock Specific Opportunities to make Investment in Equities. Mother of Bull markets ahead of us.


Thanks & Regards,

Harsh Dixit.

NIFTY - RALLY OF DISBELIEF

Hi Friends,

As mentioned in my previous post Nifty corrected after breaking 8610. Nifty retraced 38.2% of the previous Rise from 8327-8672 and tested 8537. After testing 8537 Nifty started rising again and tested 8815 and closed near 8800. As mentioned in previous post close above 8730 is Highly Bullish Indication.

NIFTY

As mentioned the Rise from 7900-8460 seems to be an Impulse in Wave 1 of the New Bull Market. The decline to 8327 seems to be Correction in Wave 2. Currently Nifty might be in extended 3rd Wave. On hourly chart Nifty seems to have completed wave (I) of Wave 3 at 8672. The decline to 8537 seems to be wave (II) of extended 3rd. Currently Nifty seems to be in wave (III) of 3.

As mentioned close above 8730 is Highly Bullish Indication. Currently there is Strong Support at 8740-8760. Until Nifty stays above the support Nifty may continue it's Up Trend. The Resistance is at 8896, 9063. Nifty may rise in Wave 3 to 9230 i.e. 1.68% extension of Wave 1.

As mentioned in my video analysis major participants are still in disbelief. We are currently in early stage of Bull Market. The majority will believe in the Bull once Nifty breaks above Lifetime High of 9118. Those who still haven't made any Investments need to find Stock Specific Opportunities to make Investment in Equities. Mother of Bull markets ahead of us.


Thanks & Regards,

Harsh Dixit.