Morning !
Referring to my previous post of NIFTY surpassing 8711, though it did but only for 17 points and made a high of 8728. 8518 is a key level to be watched, the uptick i mentioned earlier for 8850-9000 zone looks like will happen later than expected and the correction of 300-400 points looks like happening earlier than expected.
From 8728 a correction of 300-400 points reaching to zone of 8428-8328 looks more prominent as of now, and from there an uptick of 800-900 points i.e., till 9128-9328 will be the last uptick surpassing the the all time high of 9119.
Stocks have started to shown weakness, these signs are usually when it is 5th wave and or 4th wave going on, which in this case looks wave 4 for NIFTY.
Below are the wave counts for NIFTY
WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL
Keep in mind the bigger picture while taking positions.
Happy Trading !
Referring to my previous post of NIFTY surpassing 8711, though it did but only for 17 points and made a high of 8728. 8518 is a key level to be watched, the uptick i mentioned earlier for 8850-9000 zone looks like will happen later than expected and the correction of 300-400 points looks like happening earlier than expected.
From 8728 a correction of 300-400 points reaching to zone of 8428-8328 looks more prominent as of now, and from there an uptick of 800-900 points i.e., till 9128-9328 will be the last uptick surpassing the the all time high of 9119.
Stocks have started to shown weakness, these signs are usually when it is 5th wave and or 4th wave going on, which in this case looks wave 4 for NIFTY.
Below are the wave counts for NIFTY
WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL
Keep in mind the bigger picture while taking positions.
Happy Trading !
Sir what about the current scenario for August expiry? Where do see expiry below 8500 or above 8700? I am confused!!!
ReplyDeleteNeeraj: My view is usually not expiry specific...so avoid trading in options keeping mind the expiry,also even if you have to trade options then the max target you should keep is double not more than that,i know the capability of options but still would want to adhere to a decent percentage gain and not become greedy.
DeleteHappy Independence Day sir!!! 🙌
ReplyDeleteHappy Independence Day sir!!! 🙌
ReplyDeleteNeeraj: Happy Independence Day to everyone !
DeleteHi Abhishek, as per your wave counts, wave 3 will be the smallest.. could you pls elaborate
ReplyDeleteRajath: My apologies...typo error...
DeleteWAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL