NSE:HDFC IS ONE OF THE MOST WEIGHTAGE STOCK IS IN NIFTY-50 INDEX (7.51%),
IS IT A GOOD TIME TO INVEST IN? YEAH, BUT IN A FUTURE MARKET, STOCK IS IN CORRECTION, STOCK WILL BE TEND TO MOVE ON A DOWNTREND FOR A WHILE.
BETTER TO HAVE A POSITION IN FUTURE MARKET(SHORT). NIFTY IS NOT LOOKING GOOD RIGHT NOW, WILL BE EXPECTING A CORRECTION IN NIFTY TOO,
1.Currently trading slightly above support 28329 & 200 Period EMA in day chart
2.Though overall sentiment is bearish, elliots wave and late recovery towards market close suggests the possibility of pullback
3.On bullish side,Price might go up-to 28581 or 28770
4.On bearish side, if it breaks and crosses below support 28329 & 200 period EMA,then it can go up-to 27730
Here is a chart of weekly Nifty. Some observation from 1990 till 2019.
So here I think we saw the highest level of Nifty @ 12103 which let us assume as completion of Wave 5(Elliot wave).
Now we have entered the bearish zone which is going to be volatile as seen in the year 2k and 2008...
2019 can be the third phase of correction for the Nifty index. Now if you...