FinNifty

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 Fin Nifty daily chart


Analysis

As seen in the above chart, prices have accelerated sharply in last two weeks but last week there was some kind of profit booking which could make the index stable at the highs. Also in the weekly chart, the index has formed a shooting star which is a negative sign. For a reversal to happen it is important for the index to breach its weekly low which is placed at 20053 levels. This will open negative possibilities for the index.

Wave theory suggests that prices probably have completed wave b of higher degree and can start wave c on the lower side. Break of 20053 can drag prices towards 19800 levels over short term in form of wave i of wave c.

The summation is Fin Nifty can reverse once the level of 20053 is broken which will infuse selling pressure dragging prices lower till 19800 levels.

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