Nifty showed sharp rise after coming close to the level of 8506 and rallied by more than 150 points in single day.
Is it possible to predict such movements and anticipate a reversal? The answer is absolutely yes and you can very well see the below video published on 14th October 2016 i.e. Friday at 4 pm which clearly highlighted why we were at cluster of support levels. It also shows how we are combining Moving averages along with Elliott wave. Nifty has rallied by more than 150 points in yesterday’s session and very well protected the zone of 8500.
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In addition to above we also mentioned the following in our daily research reports that clearly hinted towards crucial support levels. On 18th October morning Equity research report “The Financial Waves short term update” we mentioned the following:
The daily chart clearly shows cluster of support levels at the current juncture. For now we are keeping a close watch if this cluster is broken with a strong move on downside or prices just flirt around the important levels and shows reversal from here. Bank Nifty has managed to show positive divergence with Nifty i.e. Bank Nifty closed positive. ICICI Bank has alone managed to keep this index in positive but fall on other banking stocks has been in overlapping fashion. Let us see if this index can lead and show positive attempt over a day or two. In short, Nifty is in important zone for now……..if we see a move back above 8600 it can lead to short term squeeze resulting into up move.
Nifty indeed managed to protect the cluster of support levels and moved sharply higher towards 8700 as soon as 8600 was taken out on upside. So where is the current uptrend going to end and what will be the next probable target levels?
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