Nifty Analysis, May 29, 2015

Apparently Nifty is in complex correctional phase with a negative bias. This is certainly not the right time to go shopping with a short term time horizon. However if you are an investor, you should still try to go long at dips more than 5%. However it is certainly not advisable to go all in. Financial discernment is called for !!

Nifty Weekly Analysis:

Nifty on weekly chart completed its 5th sub wave of 3rd major wave in uptrend in first week of March. Going further it started its correctional wave (assumed to be 4th wave of the uptrend in consideration). It is also expected that it shall form a complex wave pattern. Probability is a 3.3.5 correction. The first A wave (3) ended on 30 April week. Currently the Nifty has closed just above the Bb middle. It shall continue the up move further. MACD too is open wide to the downside. Today it trades within the 5-10 MA.

State:

Correctional Wave (sub waves expected 3.3.5)

Important Pivots:

8550 levels; to the upside along a resistance line.

8210.55 to downside

Nifty Daily Analysis:

5th sub wave of 3 wave in major uptrend ended on 19.02.15. Then started a complex correction which is expected to have completed "A wave" and is a 3.3.5 pattern. It is assumed that current wave for Nifty daily is a correctional "B wave". Nifty breached 8342 to the downside and the complex structure of entire 4th wave in major trend is confirmed. It has made a low of 8317 on closing basis. MACD is poised positively, and so is super trend. Nifty has closed well above 5-10 MA.

State:

4th Wave, B sub wave, Complex pattern

Important Pivots:

8317 levels to the downside.

8550 levels to the upside.

Nifty Hourly Analysis:

Nifty after completing its 4th wave has apparently started to make its 5th wave. The pattern has still not been confirmed by the MACD divergence but it is expected to be soon confirmed. We would expect Nifty to rise above along a parallel support line that would provide resistance at levels around 8550.

State:

5th wave in progress

Important Pivots:

8550 levels to act as resistance, may go higher

Comments

Fundamentals April 30, 2013

Nik's Diary The Indian markets opened in the green following strong start to SGX Nifty and major Asian indices after better-than-expected reading on US housing sales and amid speculation that central banks will continue the stimulation measures. The US markets ended on a positive note on Monday with S&P 500 closing at a record high as traders reacted positively to the latest batch of economic news. The strength on Wall Street reflected a positive reaction to a report from the National Association of Realtors showing a bigger than expected rebound in pending home sales in the month of March. The pending home sales index rose by 1.5% in March 2013 after falling by 1% in February 2013. A separate report from the Commerce Department showed that personal spending climbed 0.2% in March 2013 following a 0.7% increase in February 2013. Meanwhile in India, renewed hopes of an interest rate cut at the RBI's monetary policy meet that is scheduled on May 3 helped stocks close high...

Fundamentals April 10, 2013

Nik's Diary The Indian markets opened in the green mirroring a positive opening in SGX Nifty, which is trading higher by 0.4%. Asian markets are trading mixed with the Hang Seng, Nikkei and Seoul Composite higher by 0.4% to 0.7%, while the Strait Times and Jakarta Composite are lower by 0.2% each. The US markets, after remaining directionless in early trade, rose higher during the course of the day, yesterday. The positive performance of the markets was partly due to tame inflation reported by China, which eased concerns that the People's Bank of China might tighten its monetary policy. US markets didn’t react much to the report released by commerce department which indicated that wholesale inventories unexpectedly dipped by 0.3% in February, although wholesale sales jumped 1.7%. The European markets ended Tuesday's trading session with mixed results after trading positively in the opening trade. Meanwhile, Indian markets posted losses for the fifth consecutive tradi...

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