1.Economic Times published ZEEL results today - Net Profit plunges by 95%. Advertisement revenues drop by 64%. Despite the increase in viewership across mediums, monetization was weak.
2. Change of leadership at top management level.
This is a story on fundamental level. Should these news, prompt the stock to propel upwards??? Any Fundamental analysts ...?...
Nifty has completed the Diametric Pattern as per NeoWave analysis.
Nifty has also completed retracement of 61.8% of the entire fall which started on Jan 20, 2020.
The daily chart shows a reversal warning with an Engulfing Bearish Pattern.
Any fall below 10000 will show very strong bearish moves in Nifty.
Thus B wave of the correction seems complete ...
Price action in Reliance shows two paths
1. Reliance is at an all-time high.
2. Reliance is showing an inverse Head and Shoulder (as marked in the chart)
3. Head and Shoulder target is at 2320
1. Weekly RSI is showing negative divergence.
2. Daily RSI is Overbought
( The above points are important but not very significant )
Nifty would be weak until 14th Feb 2018.
The C wave has completed with an ending diagonal , as per Elliott wave. The C.5 has also created a throw over in this ending diagonal.
The target mentioned in the chart.
The chart may show sideways movement, but target should remain the same.
The attached Nifty chart is for educational purpose only.
The C.5 wave on the hourly chart shows a completed C.5.3
C.5.4 in progress . It can make either a regular flat or a triangle.
C.5.4 is retracing the prior wave by 38.2 % with target 10511 ( max 10504 where C.5.1 has completed ).
The target of C.5.5 will therefore...
One can go short in Nifty below 10130 levels, for a target of 9710 with Stop loss at 10170.
Various indicators (RSI, Money flow index)0 have given a negative divergence in the index. One has to wait for a confirmation of level below 10130 for a extremely fruitful entry.