By Waves Strategy Advisors. For more information visit www.wavesstrategy.com
or write to helpdesk@wavesstrategy.com /
Call on +91 9920422202
Bottom Line: Nifty has given break below the wedge level and Sensex has broken the previous pivot low!
The following is a very simple chart with an important trendline shown in black. Nifty has broken a very important pattern.
Nifty 60 mins chart:
Wave Analysis:
Nifty traded in a narrow range during first half of the day but selling pressure increased as soon as the previous day’s low of 6042 was taken out. Selling pressure was more prominent on Sensexwhich was down by more than half a percent during closing.
Yesterday’s move below 6040 not only formed a lower high and a lower low candle but also broke the wedge pattern on downside as seen from daily and 60 mins chart. Sensex has infact broken even the previous pivot low of 19884 making a low of 19865.
If our wedge assumption is correct and the break has happened then ……..
20 period Exponential Moving average shown on daily chart has been working very precisely over past few weeks. Prices have bounced back after making low exactly near this moving average. Yesterday’s low of 6025 on Nifty was just a kissing distance away from this MA. A move below ………………
Bank Nifty gave final push up towards 12960 which should be a very important top and prices are showing very strong negative divergence. A move below ………. will break a very important low on the Bank index which has been an outperformer so far.
In short, Nifty broke the wedge pattern yesterday and ……….. Sensex has already broken its pivot support. A move below ………………….
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To know the next move of Nifty and other stocks subscribe to Equity report By Waves Strategy Advisors. For more information visit www.wavesstrategy.com
or write to helpdesk@wavesstrategy.com /
Call on +91 9920422202
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