Nifty 30 minutes chart:
Nifty Daily
Nifty 30 minutes chart shows that there is hardly any movement in Nifty and the sideways action is continuing. We can see a short term blue upward channel and prices are moving well in that channel. We are at lower end of this band and prices should now start rallying towards 5350 levels as shown.
Nifty daily chart shows that prices have moved out of the blue channel but failed to move down. This happens when markets are just consolidating and we have been expecting that. We are optimistic for the level of 5350 – 5380 to be tested again on upside. However we do not see this move up as start of strong rally but to terminate from around 5400 levels at the top. A close above 5450 will however indicate the current up leg is extending further.
As we mentioned earlier, from wave perspective we can see wave Y is subdividing into double three combination with first standard pattern as zigzag followed by minute x wave and another standard corrective pattern either flat or triangle is forming.
In short, we maintain sideways action within the range of 5180 – 5380 over next few days. Bias for today remains positive with 5200 as crucial support level.
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