Author: niftytechblog

Nifty 17-03-2018

Correction continues…

We have completed X wave and next a-b-c down move started. We should see 10000 soon.

nifty h


Nifty 25-02-2018

We are in corrective mode. Expecting to go till 10600 before next leg down

Nifty hourly

Nifty 14-02-2018

As said in previous post, we are in 3-4 month correction/consolidation phase which started on Jan 29th. Its very likely that this correction will be in form of Triangle. Currently we are in 1st leg (wave A) of triangle.

Today we’ll focus on this 1st leg on hourly chart.

Preferred Count:

Wave formed is a-b-c-X-a-b-c. This is my preferred count now.

Wave ‘X’ is forming Triangle as shown in blue dashed line. Wave (d) of this Triangle is complete(or will complete soon) and wave (e) will form. There after we should see sharp fall downwards.

10600 – is hard stop for this assumption.

Alternative count:

Wave formed is 1-2-3-4-5. Currently we are in wave 4 and soon wave 5 will start down.

Alternative count: (for more upside)

Whatever I have marked as (b)-(c)-(d)-(e) will take form of smaller a-b-c or smaller triangle i.e. correction for wave (a). In That case once this small correction is over (wave (b)), next wave (c) will start upwards which will move past 10600.


nifty 1

Nifty 03-02-2018

Now it seems wave (3) is complete and wave (4) is in progress.Upper trend line shown in last post is now broken from top and closing also below that. In technical term this can be said as falling from roof. RSI divergence in weekly chart.

Today I am showing 2 charts – daily and weekly to identify support area.

In daily, I have drawn 3 horizontal line (RED color) for possible support. This is at around 10500, 10150 and 9700. For now we’ll keep this as wave (4) target.

In Weekly also 9700-9800 coincides with trend-line support.

Expect 3-4 months of correction.


Nifty supportNifty Weekly

Nifty 17-01-2018

Nifty in bull run before budget. Today I am showing weekly & Daily chart with 2 trend-lines.

  • 1st one(long term) is from 2010
  • 2nd one(medium term) from 2016

Today, Nifty closed above medium term trend line. Next target as shown on weekly chart is in range 10950 – 11050 (long term trend line).

Medium term trendline broken today after knocking it 3 times before.

Long term trendline is knocked 2 times earlier and last it was knocked in 2015. I strongly believe that market will respect this and a correction should start from long term trendline.

Be careful at 10950 – 11050 level.

Keep profiting….


Nifty weekly - 2


Nifty weekly - 1


Nifty daily

Nifty 04-01-2018

Nifty today broke down channel and moved up. It seems we are in 5 wave move and 5th wave (wave v) has started.

Last time I said that in Hourly RSI, I wanted to see it moving below RED line (33 mark). This didn’t happen and now price moved past down channel.

This signal that we’ll be testing previous high or may move above it


Nifty Hourly

Nifty 01-01-2018

Wishing all a very happy and prosperous year 2018.

I think wave ‘X’ is complete now and next a-b-c down has started.

In Hourly

  • rising channel is broken
  • Divergence is clearly visible
  • RSI is now at support zone (33-37 area). Possible of some support here. We need to see how bounce happens. Ideally for wave ‘X’ to complete and if a-b-c has started, then this RSI should go below 33 and stay.

In Daily

  • Clear divergence in RSI
  • divergence in MACD
  • Engulfing candle stick pattern
  • as this ‘X’ was corrective move, I was not expecting RSI to go beyond RED line and turn from YELLOW area. This has happened now.

Nifty Hourly

Nifty Daily