Nifty 50 Analysis

Nifty 50 Analysis. As on 26 Feb 2021. CMP 14,580. Posted at 1 pm.

Bottom line : The correction is in progress.  There are 2 targets for the correction to end.

From previous post of 23 Feb "Whether Nifty falls straight thru to the 13,800 ~ 14,200 we do not know.  Consolidation for a few days could also be possible before the selling resumes."

Primary count :  Price is in wave iv of minute degree.

1st target is 14,380 (wave C = wave A)

The other target is 13,880 (wave C = 1.618 of wave A).  We favour 13,880 as it is at the lower end of the 4th wave of lower degree.


Alternate count : This count allows for the possibility the larger 5th wave and subsequent 5th waves are complete.  A significant decline lies ahead under this count, which could take the Nifty back to the 11,000 level, but without more evidence, it is too early to expect this.