5 December 2016

NIFTY WEEKLY EW ANALYSIS

Hi Friends,

As mentioned in my previous post Nifty took support at 8065 and broke above 8140. After breakout above 8140 Nifty tested 8250 and started declining.  Nifty erased all the gains made in a week and closed at 8087.
NIFTY Weekly
As mentioned currently Nifty seems to be still in Corrective Mode in Wave (II). On weekly chart Nifty formed a Gravestone Doji which is a Bearish Signal. However, Bears need to break the support at 8065 to resume Down Trend. If Bears manage to take out 8065 Nifty may decline to 7777 or lower to 7678. If Bears fail to break below 8065 and Bulls manage to take out 8159 Nifty may start rising again and may test 8337.

Currently we need to watch price action near 8065 and 8159 carefully to determine future course of action. As mentioned Nifty is close to forming a Bottom in Wave (II). Investors need to find Stock Specific Opportunities to make Investment in Equities. Those who missed the Opportunity in Feb 2016 can surely look to Invest in next 2 months.

Thanks & Regards,

Harsh Dixit.