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.
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 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.
Thanks & Regards,
Harsh Dixit.
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