DeepakKapoor
Long

Nifty Resumes Uptrend

NSE_EOD:NIFTY   Nifty 50
77 10 3
Uptrend line , crossed , Buy Signal from Momentum Indicator
Hello Sir,

Do you think, nifty will move upside towards 8800?

I am confuse at this movement.

Thanks.
Reply
Hello Sir,

I am assuming you are expert in wave theory, as I have seen your previous post.

I see new wave formation in development (15m chart),

wave 1 - 8284.85 - 8504.95
wave 2 - 8504.95 - 8399.20 (waiting for zig-zag formation to develop)
expecting Nifty to reach again 8450 and decline again to 8394.50, it would complete zig-zag pattern of wave 2.

*** wave 3 - start point - 8399.20 (or 8394.50 i.e. 50% retracement of wave 1)
expectation :- wave 3 target - 8860.62 (i.e. 261% of wave 1)


Trading point of view - buy Nifty future @ 8400 (april contract) or @ 8450 (may contract).
and also Nifty 8700PE @ 7 or 6 (april contract).

What do you think sir about the view?

Thanks.
Reply
Imprimus Imprimus
I am excluding all previous wave count, to avoid complexity, I am considering your wave count provided by you in link (http://pooja-gmail.tinytake.com/sf/MTI3MzAyXzgxODY3MA)

thanks.
Reply
Hello Sir,

Do you think, after today's movement. Still the inverted head and shoulder pattern is valid ?
Reply
http://pooja-gmail.tinytake.com/sf/MTI3MzAyXzgxODY3MA
Reply
If nifty breaks 8270 then the picture changes then expect more bearish trend
Reply
Thanks for the nice update, if you have any view for Bank nifty, please share.

Thanks
Reply
Bank Nifty-no trade ,High volatility , weak , but still do not short BNF , as SBI is not showing weakness maybe BNF may reverse next week but charts do not give direction.
Reply
It seems current price of Nifty is trying to reverse. If today's close is near open then there might be pin bar, signalling reversal.
Looking for buy opportunity till 9200, please advise if you see something different.

Thank you for your view and effort.
Reply
Here is an update

https://twitter.com/cadeepakkapoor/status/588731007353815041
Reply
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