Nifty: Selling to intensify ahead of the election results.

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Nifty Daily Chart

Nifty has outperformed many  Asian markets from the start of 2019. There can be many reasons like elections, IIP and CPI data. However last week market witnessed heavy selling which was accompanied by FII selling as well. 

Technically speaking, markets which were moving in a higher highs and higher lows have discontinued this formation. Prices are also trading below both the short term moving averages i.e 20 EMA (red) and 50 SMA (blue) but there is no bearish crossover yet. All this indicates that market is in bear mode and can slip further.

From Wave perspective, prices progressed in a three wave formation which was corrective in nature (W-X-Y) In wave Y there was a extracting triangle marked as (a-b-c-d-e). The current fall looks to be an impulse and can move down till 11100 levels where the support of the trendline is placed. It is likely that this trend line will be broken. As of now the index is moving in wave iii.


It is not difficult to predict the market by using advance technical analysis, but it is difficult to understand advance technical analysis. All you need to do is mail me at meghmody@gmail.com and subscribe to my two day paid seminar. In these two days you will learn the concept of Elliott Wave and Neo wave, combination of price and time, how to anticipate, tools required to anticipate the rise and fall of price. It is better not to follow the crowd blindly and think objectively before taking a trade. The cost of this seminar is 10000/- per person.


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