Waves Capital - Nifty Trading using Elliott wave structure

Waves Capital: (www.wavescapital.com) - Below excerpts are picked up from past Financial Edge short term update and this itself proves how accurately we are measuring the pulse of Indian markets. Write to us on helpdesk@wavescapital.com if you would like to subscribe to this Daily research publication on Indian Equity market.

Nifty Daily chart: 

Published on 7th March 2012 before 8:30 am

Published on 7th March 2012 before 8:30 am: "The fall is overlapping and well defined within the red corrective channel. So structurally this looks like b wave of minor degree is complete and c up shall start. In short, to make things clearer, any move above 5300 will increase the odds of Scenario 2 (positive) is under play…."

Happened on 9th March 2012: Nifty opened with a gap up of almost 80 points on 9th March. Prices opened near 5300 (previous day close was 5220) and closed at 5333 for the day on 9th itself, a move of more than 110 points from previous day’s close.

Published on 16th March 2012 before 8:30 am

Published on 16th March 2012 before 8:30 am: "We have analyzed past history and how prices behave before and after Budgets and it has been observed that most of the time Budgets acted as short term trend changer. The trend had been up from 5180 level to 5500 and we can now be reversing that trend and have probably started wave C down. Decisive close below 5330 – 5350 will indicate next leg down towards 4900 has started."

Happened: Prices broke below 5350 and closed at 5185 as on 26th March 2012.

Happened as on close of 26th March 2012:

Happened as on close of 26th March 2012: The above chart shows movement of Nifty in lines with our wave counts first shown on 7th March 2012. Nifty closed the day at 5185. However the structure has changed lately. Subscribe Now to see what structural dynamics Indian markets are exhibiting.

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