ELLIOTT WAVE IN NIFTY50. DAILY TIME FRAME
If Resistance 1355 holds as the top then we expect 1180 ( 1st Target) & falling below 1180 more on the downside Last Price- 1322 / 13:03 Hrs / 5th Oct 2020 Strict Stops Above - 1355 1st Target Downside - 1180
BankNifty Outlook looks bullish to me from here.. As per my Wave Analysis.. BankNifty has Complete Wave A and Wave B of Longer Correction.. Where Wave A was an Impulse Wave.. Wave B was a Running Flat Correction and Now Wave C is in progress which should be Impulsive as per my analysis.. which means we can get Targets of 22000 or higher for BankNifty very quickly...
BankNifty after a smart rally is not under a correction of that rally and would correct 50 to 61.8% fib levels which would complete Wave A and Wave B and a rally further towards 24000 is possible for Wave C to complete the zigzag correction after which we shall see another big fall which will be at least equal to the first fall if not more... Happy Trading!
PCJeweller is a Buy Setup after a zigzag correction for a target of around 320 with Stoploss at around 138. Volatile Stock so trade based on your Trade Plan and Money Management Rules..
IRB is giving a good buy setup on the weekly charts. After consolidating for a long time IRB is breaking out. Its a nice risk reward trade.. Buy & Hold IRB for a target of around 350 wil Stoploss of 200. Happy Trading!!