Nifty 50 Update

Nifty 50 Update. As on 1 Aug 2022. CMP 17,340. Posted at 4:30 pm.

Bottom line : With price acceleration, it appears Nifty could make new all time highs above 18,604, maybe sooner than expected.

Count 1 : The slope of the latest rally has accelerated since the last swing low at 16,439, which is looking a lot like Nifty is in a powerful 3rd of 3rd of 3rd wave.

Under this count, Nifty will eventually reach well above 24,000.

But a little bit of caution is required, as this powerful rally could still be a B wave, potentially to new all time highs, to be followed by a large decline.  For now there doesn't seem to be anything to halt this rally.


Count 2 : This count shows the immediate rally could end this week, and decline to below 16,700 before a final rally above 18,100 to complete an expanded flat and set the stage for a 5 wave decline to the 14,200 level.