NIFTY - Trend Continuation

26 jun

As it happens there seems to be some strength left in the bullish cycle.
This is based on the fact that the trendlines that were resisting till now can't hold it anymore & need much stronger resistance which is where the market is headed (to 24,300 levels)
All of this analysis is attributed to the development of interim weekly correction that collapsed the overall wave analysis done earlier (it calls for an additional 3 waves --> UP-DOWN & UP)
Strategy:
Long only if the market stays above 23,680 with a limited position only
SL: 23,620

26 jun

Nota

If the trend continues as expected, the resistances will be updated!

26 jun

Nota

Updated:
RI - 24,003 (FER+psychological barrier)
RII - 24,325 (FER+coincides with LT Mid T.line)
RIII - 24390 ~24,420(FER+Coincidence with ST Mid T.Line)
RIV - There will be a correction in the monthly time frame before testing any higher levels 24,900 & above.

26 jun

Nota

LIMITED POSITION IS ONLY FOR CONSERVATIVE (DEFENSIVE) TRADERS!!! & Enterprising can make their own decisions.

26 jun

Nota

The RII also coincides with the recent FER & Will be the strongest among the three

27 jun

Nota

GIFT NIFTY is marginally down & our pre-open is slightly +ve. Immediate resistance is at 110 points.

28 jun

Nota

GIFT is strongly +Ve and ours is slightly positive, a correction can be expected.

1 jul

Nota

GIFT is -ve, pre-open seems to be -ve now, all that can be expected is a small downfall followed by a move up towards 24,320~24400 levels in 3 days (including today)
* The timing is tentative!

1 jul

Nota

Much Stronger resistance @ 24,340 (LT T.line(mid)) - an interim daily correction before testing 24,400 levels (3days).

2 jul

Nota

Yesterday's move was sloppy as it failed to take 24,174. Therefore 3-1 = 2 days remaining & today can be a day for a correction toward 23,750 levels.
SI - 23,979
SII - 23,859
SIII - 23,762
If 24,174 happens to be breached then a move toward 24.400 (2-waves) can be considered