Nifty sharing some observations
1. Nifty on daily charts broke out of the falling trend line. Technical targets of that break out comes around 11000-11200.
2. Nifty on Karnataka election outcome day made a high of 10929 which is very much near to 78.6% retracment of fall from 11171 to 9951. And now from 10929 to 10417 fall 78.6% retracment is 10819 exactly at highs of 07-June-2018.
3. Now Nifty on weekly charts is just about to touch the trend line which is joining the Budget day and Election outcome day highs. To clear that trend line we need a weekly close above 10800, which will indicate the end of correction and start of a anew up trend. But if my wave counts are correct then wave B of corrective phase is over and the wave C is ongoing. The probable targets of that wave could be around 9951-9721. My wave count can be wrong as i do not much about the Wave theory.
Disclosure: I am not a SEBI certified analyst so please take your own decision before acting on this call. Further these are just observations and not a buy/sell call.
1. Nifty on daily charts broke out of the falling trend line. Technical targets of that break out comes around 11000-11200.
2. Nifty on Karnataka election outcome day made a high of 10929 which is very much near to 78.6% retracment of fall from 11171 to 9951. And now from 10929 to 10417 fall 78.6% retracment is 10819 exactly at highs of 07-June-2018.
3. Now Nifty on weekly charts is just about to touch the trend line which is joining the Budget day and Election outcome day highs. To clear that trend line we need a weekly close above 10800, which will indicate the end of correction and start of a anew up trend. But if my wave counts are correct then wave B of corrective phase is over and the wave C is ongoing. The probable targets of that wave could be around 9951-9721. My wave count can be wrong as i do not much about the Wave theory.
Disclosure: I am not a SEBI certified analyst so please take your own decision before acting on this call. Further these are just observations and not a buy/sell call.
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