Nifty 50 Update

Nifty 50 Analysis. As on Tues 6 April 2021. CMP 14,637. Posted at 8:15 am.

We are adding another count.  If this is getting a bit confusing, it is enough to go with one key take-away :

The 14,000 level (+/- 200 points) is likely to be seen, which would be a buying opportunity for resumption of the larger trend.  Whether this zone of 13,800 ~ 14,200 will be seen next week or next month depends on which count plays out.


With the new count also looking as good as the other 2 counts, we have no preference, and are labelling them as Count 1, Count 2 etc, instead of Primary, Alternate 1, etc.

Count 1 (New) : The 3 day chart shows a bullish triangle in progress.  On the 4 hour chart, a small bearish triangle is in progress.  Price is yet to complete wave C to the downside at about 14,000 ~ 14,200, which would be a buying opportunity.

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Count 2 :  The form shown below for wave C completion of a bearish triangle remains valid, but the form would be better if a new high took place - even above 14,900 would be a better "look" to complete wave C.

So while the preference is for a rally to first above 14,900 to complete wave C of the bearish triangle, we cannot rule out that it is already in place at 14,883.

This count is valid as long as 14,265 is not first violated.

 

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Count 3  : The expanding triangle is still very much on the table.  This calls for a rally to above 15,333 in the next few weeks to complete the bearish triangle.