What next for Nifty?

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Nifty from the low of 6825 in the month February 2016 surged till 7992 on the expiry of April 2016. The broader picture looks to be positive for broader markets but the corrections are always difficult to identify.

In below chart, applying combination of basic technical tools and wave theory, it is clearly visible that prices might correct in near term. As per wave theory, one correction is over which might drag Indian equities lower in coming weeks. However, prices are continuously moving in a rising channel formation, break of this channel will open negative possibilities.

Stay Ahead of major reversals and don't follow the crowd blindly. Lear Elliott and Neo Wave concepts in our next Webinar session scheduled on 21st and 22nd May 2016. For more queries mail me on meghmody@gmail.com

Nifty Daily chart

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