Hi Friends,
As mentioned in my Twitter post Nifty formed a Doji with Negative RSI Divergence on Daily Chart after testing 9274. On next day Nifty formed Inside Day and gave a flat close post Rates Unchanged by RBI in Monitory Policy. Nifty finally started declining and closed below 9220. All these are signaling a Shot Term Top in place.
As mentioned Nifty seem to have completed 5 Wave Impulse at 9274, with extended 3rd Wave. And the 5th Wave seems to be truncated at 9274. Nifty formed Double Top on Daily Chart. On Weekly Chart Nifty formed Shooting Star with Negative Divergence on RSI. As visible in chart below.
Currently there is Strong Support at 9165-9149. Resistance is at 9220, 9245-9265. Once Nifty breaks the support it may decline to 9020. Downtrend will be confirmed below 9150. Below 9020 Nifty may further decline to 8940-8860-8740. The extent of Correction in Wave 2 on a Larger Degree will be known as the Market unfolds going forward.
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 and remain in cash. And must avoid excessive buying or leveraging. Trend will change to Down below 9150. 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.
As mentioned in my Twitter post Nifty formed a Doji with Negative RSI Divergence on Daily Chart after testing 9274. On next day Nifty formed Inside Day and gave a flat close post Rates Unchanged by RBI in Monitory Policy. Nifty finally started declining and closed below 9220. All these are signaling a Shot Term Top in place.
As mentioned Nifty seem to have completed 5 Wave Impulse at 9274, with extended 3rd Wave. And the 5th Wave seems to be truncated at 9274. Nifty formed Double Top on Daily Chart. On Weekly Chart Nifty formed Shooting Star with Negative Divergence on RSI. As visible in chart below.
Currently there is Strong Support at 9165-9149. Resistance is at 9220, 9245-9265. Once Nifty breaks the support it may decline to 9020. Downtrend will be confirmed below 9150. Below 9020 Nifty may further decline to 8940-8860-8740. The extent of Correction in Wave 2 on a Larger Degree will be known as the Market unfolds going forward.
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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