-Nifty 50 is in a corrective wave on monthly charts after the high made in Oct 21.
-As of 15 Feb 23, Nifty 50 is in the wave B of the corrective wave A-B-C because the current downfall in Nifty did not follow the ELLIOT wave pattern for the impulsive C wave hence the B wave will continue.
-The corrective B wave now will complete making an all time high in Nifty.
- Another supportive point for current view for Nifty is that Nifty 50 has bounced off from its 50 SMA on WEEKLY charts (17300-17350) without breaching it.
KEY POINTS:-
BUYING ZONE - 17770-17920
STOPLOSS - CLOSING BELOW 17444 ON DAILY CHARTS /WEEKLY CLOSING BREACHING 50 SMA ON WEEKLY CHARTS(17350)
TARGET - ALL TIME HIGH FOLLOWED BY FURTHER UPSIDE LEVELS
Disclaimer:- I am not a SEBI registered analysist. Please do your own analysis and consult your financial advisor before jumping in the trade.
-As of 15 Feb 23, Nifty 50 is in the wave B of the corrective wave A-B-C because the current downfall in Nifty did not follow the ELLIOT wave pattern for the impulsive C wave hence the B wave will continue.
-The corrective B wave now will complete making an all time high in Nifty.
- Another supportive point for current view for Nifty is that Nifty 50 has bounced off from its 50 SMA on WEEKLY charts (17300-17350) without breaching it.
KEY POINTS:-
BUYING ZONE - 17770-17920
STOPLOSS - CLOSING BELOW 17444 ON DAILY CHARTS /WEEKLY CLOSING BREACHING 50 SMA ON WEEKLY CHARTS(17350)
TARGET - ALL TIME HIGH FOLLOWED BY FURTHER UPSIDE LEVELS
Disclaimer:- I am not a SEBI registered analysist. Please do your own analysis and consult your financial advisor before jumping in the trade.
