6 February 2017

NIFTY - RALLY OF DISBELIEF

Hi Friends,

As mentioned in my previous post Nifty corrected after breaking 8610. Nifty retraced 38.2% of the previous Rise from 8327-8672 and tested 8537. After testing 8537 Nifty started rising again and tested 8815 and closed near 8800. As mentioned in previous post close above 8730 is Highly Bullish Indication.
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. Currently Nifty might 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.

As mentioned close above 8730 is Highly Bullish Indication. Currently there is Strong Support at 8740-8760. Until Nifty stays above the support Nifty may continue it's Up Trend. The Resistance is at 8896, 9063. Nifty may rise in Wave 3 to 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.