23 January 2017

NIFTY EW ANALYSIS

Hi Friends,

As mentioned in my video analysis after breaking the Rising Channel Nifty started declining. Nifty also broke the Support at 8370 and closed below it. As mentioned below 8370 the Short Term Trend has changed to Down.
NIFTY HOURLY
The current Rise from the low of 7900 seems to be an Impulse as shown in the Hourly Chart. We can clearly see a 5 Wave move Up completing near 8460. This Impulse might be the Wave I of the New Bull Market. Nifty closed below important Support of 8370. Below 8370 Nifty may correct till 8330, 8290 or 8230 in Wave II of the New Bull Market.


As mentioned earlier Nifty seem to have resumed the Bull Market. Currently the Short Term Trend is down and Correction may get over near 8230. Nifty may resume the Up Trend above 8430. I would look for alternate count only below 8110.

Currently we need to watch price action near 8230 and 8430 carefully to determine future course of action.  Those who still haven't made any Investments and looking for the Dip; this Correction would be the Best Opportunity. Investors need to find Stock Specific Opportunities over next 1-2 weeks to make Investment in Equities.


Thanks & Regards,

Harsh Dixit.