Nifty 50 Update

Nifty 50 Analysis. As on Thurs 1 April 2021. CMP 14,770. Posted at 9:55 am.

Wish you a prosperous Financial Year 2021-22.

The counts are clear at this time.  We are looking at a bearish triangle in progress.  The only question is whether it is an expanding or contracting triangle.


Primary count : Contracing triangles are much more common than expanding ones, so this is our primary count.  It is also in sync with Bank Nifty.

Price is in wave C up of the contracting triangle to 15,000 ~ 15,100.  Under this count, the recent low at 14,265 cannot be violated.

On completion of said triangle, price should decline to the 14,000 level or below before resuming the larger uptrend.

 

--

Alternate count : The expanding triangle is still very much on the table.  And the form looks good too.

Under this count, price is headed up above 15,333 in wave E before a decline to the 14,000 level.