Nifty 50 Analysis

Nifty 50 Analysis. As on Tues, 2 March 2021. CMP 14,875.  Posted at 10 am.

Bottom line : Near term consolidation.  Expectation is for correction to 13,800 ~ 14,200 level.

Primary count : Price is in a 4th wave consolidation of minute degree.  A bearish triangle may be unfolding on the 2 hour / 4 hour charts.  This consolidation could take up this entire week and possibly 1-2 days of next week (if this triangle plays out).


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.