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.
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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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