NIFTY - EW ANALYSIS

Hi Friends,

In my previous post I mentioned about the Resistance near 7727 on Nifty. As mentioned Nifty tested 7749, however failed to close above the Resistance. After forming a Doji Satr on previous day Nifty tested 7749 but dropped sharply and formed Bearish Engulfing candlestick pattern; which is an Indication of Reversal.

NIFTY

The current Rise in Nifty might be a part of Leading Diagonal in Wave 1 of New Bull Market or just a part of 'X' Wave of the year long Bear Market. If Bulls manage to protect 7604 Nifty may resume its Up Trend in 'e' leg of Leading Diagonal. However, failure to protect 7604 may lead to resumption of the year long Down Trend in Nifty.

For detailed Analysis please follow the below link

http://trend-o-nomics.blogspot.in/2016/03/hi-friends-in-my-previous-post-i_29.html


Thanks & Regards,

Harsh Dixit.