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Nifty Pharma sector is going to be outperforming index for coming months, says Ashish Kyal.
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Short term indicators like RSI (relative strength index) are overbought on hourly time frame and so it is better to use dips to buy as long as support near 18,900 level remains intact.
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Move above 18,800 on the Nifty50 will open targets for 19,111, which is the fifth wave target as per Elliott wave.
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Use dips to keep riding this trend as long as 18,530 is intact for a possible move to lifetime highs near 18,890 followed by 19,111 levels.
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We expect consolidation to continue between 43,300 and 44,500 levels. From Elliott wave perspective, Bank Nifty is moving in form of wave 5 which is matured stages of up move.
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For now immediate hurdle is at 18,190 levels from where the Nifty can see profit booking. 17,756 is important Gann support level
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For next month, his top 3 picks will be ITC, Cyient, and Sun Pharma.
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The structure is extremely sold in Nifty, said IIFL’s Sriram Velayudhan
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Nifty has been slowly inching higher but is yet to show good momentum. We need it to first give a break above Budget day high of 17,970 followed by psychological level of 18,000.
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We expect Bank Nifty to move in a broad range between 36,000 and 35,500 levels. A decisive close above 36,000 is required for short covering in this index, said Ashish Kyal of wavesstrategy.com
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Going ahead the top made near 59250 levels will remain protected until 20th June and any rallies can be used as shorting opportunity as the cycles remain in “Sell Mode”
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As long as 15 minutes cycle's low near 14415 is protected, prices can show range-bound movement with a positive bias. A break below 14,415 will suggest cycles are entering into a sell zone, which can take it lower towards the earlier support area of 14,200.
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Volume Profile alone is not the only for taking signals but it gives the important context to the market.
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In a nutshell, Nifty is flirting around the important Gann level of 15190. A decisive weekly close above 15250 giving some leeway will indicate a resumption of the positive trend.
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By knowing fractal nature one can know what to expect next and how prices will behave. News or events will only clutter the reasoning but what works is the ability to decipher the chart.
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The ongoing up move post-wave x can either be a Diametric or an Expanding Triangle pattern as wave e is the biggest, so far. Expanding triangles are most common during very large complex corrections.
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Elliott wave method combined with Bollinger Bands and ROC indicator gives the overall context of the market, and range bound move between 12,100 and 11,650 can be expected.
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The major difference is that the Hurst Cycle analysis helps us to predict the time and the Elliott wave focuses more on price. This element of time can help us to forecast the Elliott wave pattern.
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Nifty Neo wave, historical PE levels suggest a correction could be in the offing.
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We believe that market discounts the news in advance and moves ahead of the events and yesterday's movement was a clear indication of the same
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The above research simply shows that by combining time cycles along with Elliott Wave provides forecasting ability along with timing the market.
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Become a wonderful trader and let the fire never burn off. You can burn with me in passion and quest of knowledge or chose your own independent path.
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One can understand that the major lows formed on Nifty have been most of the time on this 70-day cycle with minor deviations only on a few occasions.
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India is supposed to have entered the most delicate phase with respect to Corona Virus and Nifty has already rallied by 1100 points from the lows! Astonished Yet!
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The Time cycles had bottomed out a day earlier and the low formed on the Nifty is very much in sync with this cycle that we have been following for almost a decade.
