NIFTY 50 : FORECAST FOR Q2 FY'23 AS ON 29.04.2023
Updated
Before any discussion , I like to share few facts about mighty Nifty :
1. Nifty is in downtrend since 1 Dec 2022 from level @ 18860
2. After 3.5 months of downfall , finally Nifty found support level @ 16850
3. The support level was retested numerous time unless Rectangular Channel break our was seen on 31.03.2023
4. Since 31.03.2023 , Nifty was in uptrend till level @ 17790.
5. Then came the retracement phase of 0.618 times and dipped upto the level @ 17560
6. Regained the uptrend , however the break out of the SWING OF PREVIOUS break down was yet to be broken out.
7. This break out actually confirms a strong reversal
I applied
The Elliott Wave Theory
Channel Trend and
Fibonacci Extension ,
to predict the future of Nifty and came to conclusion that :
i) Fibonacci Extension : The Trend will rise up to level 1.618 times of previous stretch i.e. @ 18430
ii) Elliott Wave Theory : The trend has entered the 3rd wave and it will be 1.6 times of the first wave . With calculation , the next level comes out to be 18430
iii) Next Important level is 18430
iv) Retracement is predicted after this level of 18430 up to level 18064 ( The resistance recently broken out )
v) After again applying the three theories post second retracement phase
a) Fibonacci Extension : The Trend will rise up to level 1.414 times of previous stretch i.e. @ 18890
b) Elliott Wave Theory : The trend has entered the 5th wave and it is mostly shorter than 3rd and 1.2 times that of third wave . With calculation , the next level comes out to
be 18900
c) The Channel Trend , The Next Supply Zone stands @ 18900
Hence , after studying all those facts I have predicted the Nifty Move for in this quarter and displayed it in the graph. One , if agree with me , may plan his/her trade accordingly and do not forget to drop a message and boost my study ,if you agree with me OR NEED MORE CLARIFICATION.
Please remember, this analysis is only for education purpose and not trade calls. Please study , do your own analysis and trade at your own risk.
Good Luck !!!
1. Nifty is in downtrend since 1 Dec 2022 from level @ 18860
2. After 3.5 months of downfall , finally Nifty found support level @ 16850
3. The support level was retested numerous time unless Rectangular Channel break our was seen on 31.03.2023
4. Since 31.03.2023 , Nifty was in uptrend till level @ 17790.
5. Then came the retracement phase of 0.618 times and dipped upto the level @ 17560
6. Regained the uptrend , however the break out of the SWING OF PREVIOUS break down was yet to be broken out.
7. This break out actually confirms a strong reversal
I applied
The Elliott Wave Theory
Channel Trend and
Fibonacci Extension ,
to predict the future of Nifty and came to conclusion that :
i) Fibonacci Extension : The Trend will rise up to level 1.618 times of previous stretch i.e. @ 18430
ii) Elliott Wave Theory : The trend has entered the 3rd wave and it will be 1.6 times of the first wave . With calculation , the next level comes out to be 18430
iii) Next Important level is 18430
iv) Retracement is predicted after this level of 18430 up to level 18064 ( The resistance recently broken out )
v) After again applying the three theories post second retracement phase
a) Fibonacci Extension : The Trend will rise up to level 1.414 times of previous stretch i.e. @ 18890
b) Elliott Wave Theory : The trend has entered the 5th wave and it is mostly shorter than 3rd and 1.2 times that of third wave . With calculation , the next level comes out to
be 18900
c) The Channel Trend , The Next Supply Zone stands @ 18900
Hence , after studying all those facts I have predicted the Nifty Move for in this quarter and displayed it in the graph. One , if agree with me , may plan his/her trade accordingly and do not forget to drop a message and boost my study ,if you agree with me OR NEED MORE CLARIFICATION.
Please remember, this analysis is only for education purpose and not trade calls. Please study , do your own analysis and trade at your own risk.
Good Luck !!!
Note
Match the Nifty Movement with the one, I predicted 15 days ago and boost my study if you like the analysis.
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