Nifty50: Unexpected Moves ahead ??Diametric pattern – Understanding Nifty medium term pattern by applying the concept of Advanced Elliott wave – Neo wave theory to forecast the next trend.
As shown on daily chart, prices are forming a Diametric pattern. This pattern is recognised in Neo wave as a 7 legged correction labelled as a-b-c-c-d-e-f-g and can take a form of either Bow Tie structure or a Diamond shaped structure.
In the above chart we can see a bow tie shaped Diametric pattern.
Each legs are corrective and we are currently in wave f. As of now it is too early to conclude that the entire wave e is over and a major top is formed but it definitely indicates that until the recent high is crossed its time to be cautious.
Trust me there will be many trades where you will gain and lose little but only a few big trades will make up for all the hard work and efforts that are put in.
So what is the next big trend and how to capitalize on the ongoing move?
If Recent highs near 22800 remains intact and we break 22300 (White lines) decisively then a major fall of 1000-1500 points cannot be ruled out.
Best part is fall can be temporary in nature as bears attack swift, do the job in few days and then sleep.
Once wave f low is placed where many will panic, wave g can take nifty towards sub 24k levels.
But if we fail to break 22300 decisively and break 22800 on upside this anticipated fall may get delayed futher and may come in later half of the year.
Buyorsell
LIC LISTING DAY UPDATE : SHOULD YOU HOLD IT OR SELL IT ??Hello !!
Welcome to the quick update of LIC INDIA share, one of the biggest IPO that was listed today morning.
Even after a lot of hype and huge market share, LIC IPO was not given much importance by the investors. The IPO was listed at a discount of around 9% at Rs 872. The retail investors got the gains as the IPO was provided at a discount to them. However, we saw some buying at the Rs 872 level, pushing the price all the way up to Rs 918. As of now, with the 1 min timeframe chart, I can see the stock can touch up to Rs 941.
LIC may be a good stock for long-term buying. As of now, we need to wait for a clear picture. Let's see how the market responds by the day close and we can take a possible entry if we see some positive response.
This is not financial advice, please do your own research before investing and we are not responsible for any of your losses or profits.
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Double top Heavy resistance @ 149.70
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If it breaks the support of 139.4, then it perfect for shorting as per Double Top Pattern.
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If it does NOT break the support, it maybe a trend reversal to the resistance or movement of price in sideways.
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Warning: Today is the quarterly earning result of COAL IND. Please ensure to look at that too.
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Have a different view, please share in the comment so I can learn too. 4 hour CHART
NIITECH levels for tomorrowTrade in the zones .. know the price action supports and resistance for the stocks tomorrow.