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.