MrIndiaMarkets

MrIndiaMarkets Updated 

After completing the super cycle W5, Nifty entered into what could possibly be a correction (or a bear market?) in text-book style leading diagonal pattern(Wave 1). Currently its either approaching end of Wave 2 or already just completed W2. Expect Wave 3 to be nasty and swift and deep. Target Date: Likely by mid to end of June Target correction: 10 to 20%.

MrIndiaMarkets Updated 

Break of the channel could trigger a 3% move to the downside to 1057-1060 levels

MrIndiaMarkets Updated 

BANKNIFTY rejected the 38.2% retracement and moved down to the trendline its been following since a month. The RSI divergence is indicating weakness and a break of the trendline could speed up the fall and we could see 20,950 followed by 20,000 and 19,750 being tested. The way the structure is setup, we could see this possibly by way of a swift downward move.

MrIndiaMarkets Updated 

As updated earlier, NIFTY hit the 10,500-10,600 range and has now started the move down. 10,480 is a crucial support (the steep small trendline + yesterday's close) - break of which will trigger the move we anticipate.

MrIndiaMarkets Updated 

Nifty has been following a rising wedge formation ever since the lows made in March. This is in essence how it transpired before the fall in February as well. With RSI and stocks edging towards the sharper edge of wedge with ever reducing vols, its likely there is a sharp move to the downside coming soon. Fundamentals along with Technicals are now weighing on...