Nifty 50 Update. As on Tues 30 March 2021. CMP 14,740. Posted at 12:55 pm.
Both counts show the larger correction is still on the cards to 14,000 or below.
In the near term, expect choppy action, but the Primary count shows price headed up above 15,000 in a bearish triangle while the alternate count shows today’s high of 15,782 is likely to remain a short term temporary top and price is headed below 14,265.
Primary count : This count is preferred as it is pretty much in sync with bank nifty. Short term price is unfolding in 3 waves to the upside towards 15,000 ~ 15,100 to complete wave C of a bearish triangle. The 14,265 level is most unlikely to be violated under this count until this bearish triangle is complete.
Alternate count : This count shows an expanding triangle in progress. Within this expanding triangle, price is in a downside ending diagonal that should violate 14,265.
If 14,265 is violated in the next few days, it would virtually confirm the expanding triangle, and set the stage for a rapid upmove in wave e of (b) to above 15,333, before it declines again to the 14,000 level.