NIFTY 50

DISCLAIMER : THIS IS NOT A TRADING ADVICE, BUT ARE MY THOUGHTS / DISCUSSIONS WITH THOSE WHO ARE INTERESTED IN THE USEFUL APPLICATION OF TECHNICAL ANALYSIS.THIS IS FOR STUDY PURPOSE AND ENTERTAINMENT. WHILE DUE CARE HAS BEEN TAKEN IN PREPARING THESE NOTES/COMMENTS, NO RESPONSIBILITY CAN BE OR IS ASSUMED FOR ANY CONSEQUENCES RESULTING OUT OF ACTING ON THEM.TRADING IN STOCKS/COMMODITIES/FUTURES CARRY RISK.CONSULT YOUR FINANCIAL ADVISOR / SEBI REGISTERED RESEARCH ANALYST ONLY BEFORE YOU TRADE.THIS IS NOT A BUY / SELL RECOMMENDATION  .ONLY BROAD MARKET TRENDS ARE DISCUSSED HERE.I AM NOT A SEBI REGISTERED TECHNICAL ANALYST.

10,789.85    +54.40  + 0.51% 

NIFTY VIEW FOR 22/02/2019

I had said that if NIFTY does not break 10583.70 , expect bullishness.Since it did not break 10583.70 and if my count is right NIFTY will touch 11000 + at the minimum.Depending on the structure it can reach higher levels of 11400 -11760.

If NIFTY breaks 10583.70, expect level below 10534.50.But in this case also NIFTY should not break 10333.80 if it is bullish.Last support for the bulls is 10004.50.

NOTE: Even if trend is up don’t expect one way up, there will be corrections on the way up.

First chart shows that NIFTY is moving in parallel channels so always uncertainty is there.In the second chart I have shown that it has broken out of a parallel channel i.e current wave 2 so it has upward bias.

NIFTY HOURLY

NIFTY HOURLY WITH ELLIOTT WAVE MARKINGS