Nifty
Nifty have seen a sharp fall and now seeing a corrective move with same speed and momentum upward.On daily charts Nifty found support at 5486 levels which looks like a support of channel, trend line and few points away from GANN number (5476). Now nifty looks ready to show its move either way. Nifty have seen a sharp in a smaller channel shown in Blue trend lines. Now Nifty is near the upper end of the downward channel.Nifty may see resistance tomorrow at 5705 levels if it does not like to give a breakout of the channel. If moves out of this channel, then Nifty may see more upside.
Nifty made 38.2% retracement of 6093.35 - 5486.85 till 5704.75. Now it is a day to see the nifty move either side. Moving past 5705 is a break out to see more upside.
If we look at larger picture, Nifty also promising to see 5204 levels which is the trend line support of bigger channel in which nifty is trading this year.
RSI shows the it is bending downwards. Until and unless we see price action tomorrow, we may not be knowing the levels that nifty is kept awaiting for us.
Looking at Intra day chart, Hourly chart says that the Nifty completed its 1 of C wave from 6093 to 5486 and now it is wave 2 of C. The move from 5486 looks like expanding triangle which is forming a-b-c-d-e sub waves as shown in chart. If this wave count is correct then Nifty have to start correcting from tomorrow. The same area seems to be the downward channel resistance along with 12 EMA falling in the same area.
If at all we take the corrective wave 2 of C as 3 wave structure then the below count looks possible
a. from 5486 to 5644
b. from 5644 to 5579.05
c. from 5579.05 to XXXX ( assuming a=c then it have to rally till 5736.20)
So tomorrow if gives a break out then go long for targets of 5736 - 5740. If starts correcting from current levels of 5705 then we may see the lows of 5202 sooner.
Enjoy your trades.
Watch for tomorrows levels to see the Nifty moves.
Sectors looks weak are FMCG, Infra, Energy, Metals,Pharma,Realty
Strong are Media, BankNifty, Auto,Consumption,Finance
Nifty have seen a sharp fall and now seeing a corrective move with same speed and momentum upward.On daily charts Nifty found support at 5486 levels which looks like a support of channel, trend line and few points away from GANN number (5476). Now nifty looks ready to show its move either way. Nifty have seen a sharp in a smaller channel shown in Blue trend lines. Now Nifty is near the upper end of the downward channel.Nifty may see resistance tomorrow at 5705 levels if it does not like to give a breakout of the channel. If moves out of this channel, then Nifty may see more upside.
Nifty made 38.2% retracement of 6093.35 - 5486.85 till 5704.75. Now it is a day to see the nifty move either side. Moving past 5705 is a break out to see more upside.
If we look at larger picture, Nifty also promising to see 5204 levels which is the trend line support of bigger channel in which nifty is trading this year.
RSI shows the it is bending downwards. Until and unless we see price action tomorrow, we may not be knowing the levels that nifty is kept awaiting for us.
Looking at Intra day chart, Hourly chart says that the Nifty completed its 1 of C wave from 6093 to 5486 and now it is wave 2 of C. The move from 5486 looks like expanding triangle which is forming a-b-c-d-e sub waves as shown in chart. If this wave count is correct then Nifty have to start correcting from tomorrow. The same area seems to be the downward channel resistance along with 12 EMA falling in the same area.
If at all we take the corrective wave 2 of C as 3 wave structure then the below count looks possible
a. from 5486 to 5644
b. from 5644 to 5579.05
c. from 5579.05 to XXXX ( assuming a=c then it have to rally till 5736.20)
So tomorrow if gives a break out then go long for targets of 5736 - 5740. If starts correcting from current levels of 5705 then we may see the lows of 5202 sooner.
Enjoy your trades.
Watch for tomorrows levels to see the Nifty moves.
Sectors looks weak are FMCG, Infra, Energy, Metals,Pharma,Realty
Strong are Media, BankNifty, Auto,Consumption,Finance
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