Author: niftytechblog

Nifty 22-03-2018

Expect bounce from 10000 area to 10230, which will complete wave B. Wave C then should see 9700-9800 zone.

nifty h

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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 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….

WEEKLY CHART

Nifty weekly - 2

WEEKLY CHART

Nifty weekly - 1

DAILY CHART

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