While the Fundamental Analysts might find Auto Valuation High.
Auto stocks have much higher to go.
Nifty auto index in 5th wave of Bull Market.
Fresh breakout in smaller degree wave 3.
Auto leading the way higher.
NSE:NIFTY
Completed Triple Zigzag Correction form High near 19000
Broader Market stocks are showing strength. Rupee strengthening.
All factors pointing out Budget Rally is on cards.
HGS with a good fundamental we can expect a good bull run in upcoming days.
still there may be an slight correction pending.
It may or may not take place.
FX_IDC:USDINR seems to be forming Truncated 5th Wave.
Lot of selling pressure at 83 with RSI negative divergence suggesting momentum Fading.
Unless 83 is Taken out on closing basis. It could turn out to be Wave 5 Truncation as per Elliottwave Theory.
Disclaimer
There is a very high degree of risk involved in trading. Past results are not indicative of future returns.
Short Video Outlook on BankNifty
Plan A Active & Running as published in last idea of 2022
Last Idea Published - 30th Dec 2022
Shooting Star on a 6 months chart of TVC:DXY
Is clearly signaling the Crash in US Dollar. Dollar likely to depreciate against major currencies like Yen, Euro, INR
It will be also Bullish for Precious Metals and Commodities.
And Bullish for Stocks.
NSE:NIFTY retraced near sub wave 4
Channeled correction in WXY seems to be getting over with RSI Positive Divergence.
Wave 3 Rally to New Highs shall resume soon.
The rise from the Mar'20 bottom was an impulsive move which should be considered as the Primary Degree Wave-1 concluded near the zone of 18600 in Oct'21. From that top Nifty50 fell down in a corrective way and made a low of 15183 in Jun'22. This fall was not even reached to Fibonacci 38.2% retracement level positioned at 14400 zone where the previous fourth of 1...
TF - Monthly -
Aditya Birla capital had broken out descending trendline at 80 . But, due to supply pressure, it couldn't make a new high again. It ends up making the same high(double top).
AB CAPITAL has made a monthly consolidation range of 139 - 95
As per the monthly chart, AB CAPITAL can take support from 78.05 .
Three reasons to consider this level:...
USD-INR after such a steep rise looks like it is in the 5th wave of bigger degree .
Within this bigger 5th wave, which should ideally be the last wave of a Major Rise, normally consists of 5 sub waves in smaller degree .
Now, Market is looking in 3rd wave of sub degree of bigger 5th wave that I was talking about in the previous two lines.
