The month of March 2016 has been going good for Indian Equity Markets. Post budget i.e from 1st March 2016 Nifty started to rally and touched 7660 level in quick time. We are able to capture the sharp up move from 7100. Part of the research that was published in “The Financial Waves Short Term Update” is shown below:
March 01, 2016 Time: 10 am
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 7255 which will be a very important confirmation for trend reversal. Position yourself accordingly when the majority will be caught in surprise.
Nifty 60 mins chart: Happened till now
We are constantly mentioning in our research for the highest probability as per Elliott wave theory for the next trend in Nifty.
Part of research from March 18, 2016 is shown below -
From wave perspective, it is unclear for now the terminal point or the end point of minor wave …. as there are new highs in the congestion area and no faster retracement. Few days of price action is required to confirm the pattern under formation. Also if the up move is indeed impulsive then we should not see retracement below 7200 which is the power area of the rise….
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