Following is a part of research picked up from “The Financial waves short term update” – a daily research report containing detailed Elliott wave counts, Time cycles and other advanced technical tools applied on Nifty and stocks.
As expected high volatility was witnessed in last session due to budget. In the morning, Nifty moved higher towards 7068 level however post that prices sharply reversed on downside and formed new low at 6825 level. After that V shaped recovery was witnessed towards 7095 level and finally prices settled at 6987 level losing 42 points. From highs to low on intraday basis movement of more than 250 points was witnessed which is in lines with the movement seen during previous Budgetary sessions. Also prices closed forming a small body and a big shadow again a normal tendency as highlighted in earlier report.
Few important pointers on which there was sharp reaction during the session:- Increase in Option STT – Nifty reacted negatively, Excise duty raised from 10% to 15 per cent on tobacco products other than beedis resulting into sharp swings on ITC, nevertheless the stock managed to close positive surprising everyone, VDS for declaring undisclosed income to be taxed as 45% post which we started seeing positive reaction. All said and done Nifty did what it has done before during previous budgetary session – a swing between high to low of more than 200 points but closing near the level where it opened.
Nifty daily chart:
Today morning at 10 am itself when Nifty crossed the high of 7100 we immediately published the following interim update:
Time: 10 am, Nifty spot: 7135
Interim Update: Nifty has shown a very big Gap up opening and follow up rally after many weeks. This has resulted into faster retracement of last falling segment and can mark completion to atleast the short term downtrend. Surprises can be on upside provided the level of 6980 is now protected. Any long positions should use this as very important stop as break below it will continue sideways to negative action. Markets are moving higher despite the extreme pessimism and negative news. Also displaced 54 days cycle low has been due today. All in all the rally should extend beyond 3 days and take out ………… which will be a very important confirmation for trend reversal. Position yourself accordingly when the majority will be caught in surprise!
It is rare to see synchronized alignment of majority of indicators both from Price and Time perspective. Indian Equity markets have rallied despite of all the prevailing pessimism. This week has marked an important low and we are keeping a close watch on the internal Wave structure to confirm to reconfirm a very BIG trending move surprising the majority!
You cannot afford to miss such opportunity when each of the techniques are pointing in the same direction which happens probably once in a year. To know what is next from here subscribe now to “The Financial Waves short term update” by visiting Pricing Page.
Most Advanced training on Time cycles and Advanced Elliott wave – Neo wave to identify trade setups, Portfolio creation and stock selection: Neo wave analysis when combined with Time can give very high conviction trade setups. Also understand forecasting future is about probability and not certainty but all of the advanced concepts suggest same thing it is prudent to take the opposite stand to crowd. We are one such scenario and markets have kicked off with a BANG so far! Predicting such moves is not possible if Time cycles are ignored…
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