Pick your sides. Nifty alternate view and levels
With the Negative news flow it's worth looking at the bearish alternates to the view.
Either the entire pattern on Nifty since Feb is an Expanded Flat, in that case I'll keep the the cutoff level would be 40 day average. The Target in this case would be 13600. This would mean that the rise from May bottom was a corrective bounce ABC in wave (B) of the expanded flat and (C) is starting today. Remember the confirmation level at the break of 40 day average on closing basis.
The Bullish and the primary scenario as marked in the chart means that Nifty this is just a regular correction as we continue in this one sided Bull rally. A New high would confirm the view and would set us up with a rally that will likely to go till July-August with minor corrections in between. Bullish case is primary case because looking at various sectoral indices, most of them have not completed 5 waves, or still at bottom end of the range and have not gone above feb-March high. Mid term Target is 17000+ .
Immediate support at 15566.
Either the entire pattern on Nifty since Feb is an Expanded Flat, in that case I'll keep the the cutoff level would be 40 day average. The Target in this case would be 13600. This would mean that the rise from May bottom was a corrective bounce ABC in wave (B) of the expanded flat and (C) is starting today. Remember the confirmation level at the break of 40 day average on closing basis.
The Bullish and the primary scenario as marked in the chart means that Nifty this is just a regular correction as we continue in this one sided Bull rally. A New high would confirm the view and would set us up with a rally that will likely to go till July-August with minor corrections in between. Bullish case is primary case because looking at various sectoral indices, most of them have not completed 5 waves, or still at bottom end of the range and have not gone above feb-March high. Mid term Target is 17000+ .
Immediate support at 15566.
Feragatname
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