Nifty50 - Index - Analysis

2 בדצמ׳ 2021

Nifty 50 - Analysis:
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Daily Timeframe:
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1. Current Index is below 50MA, at 100 MA and above 200 MA.
100MA touched Index in May 1st week and since then, it went up 28% to ATH of 18600.
2. Then, Index significantly fell 8.8% from ATH of 18600 to 17000 (1600 points) in 2.5 months.
3. Since 19th Oct, ABC correction wave started with
A - 17660
B - 18122
C - 17433 - Nifty dropped 400 points below these points
4. Now, the Nifty index is at 17400 - close to the C point
5. Looks like reversal started from 17000 points and moved up 400 points.
6. if the next 2 trading sessions are green, then we can expect a 5-10% uptrend (minimum) - 18000-18300 range

Note:
I'm not recommending buying this stock. This is for education purposes.
This is my view, based on my learning.
Please do not trade without your own conviction.
Please invest after careful research. I'm not responsible for your profits/losses.

- Gnanasekaran