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

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