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.