Nifty 50 Short Term Update

Nifty 50 Short Term Update.  As on Friday 5 March 2021. CMP 15,040.  Posted at 11:50 am.

15,271 remains critical resistance.  As long as price remains below 15,271, we remain bearish for at least a decline to below 14,700.  A rally above 15,271 may cause a change of view.

An alternate count is being added, which is also bearish against 15,271.


Primary Count : Down in wave D of an expanding bearish triangle to below 14,468.  This count should unfold in 3 waves.

3 day chart shows larger trend remains up.

--

Alternate count : Down in wave C of a bullish triangle.  This count is also near term bearish to below 14,700, likely 14,600.  In this case as well, the 15,271 level is critical.  If price exceeds 15,271, it warns the short term uptrend remains in force.

--