Nifty 50 Updates for next week

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Nifty 50 Index Analysis – Daily TF
Nifty 50 Index has given a straight run to 18100 levels (making a new swing high) after hitting a low of 15800 (impulse) during March 2nd week and is currently in a correction phase. As we all know every impulse has a correction, a correction for the straight impulse is inevitable and the market always moves in such a manner. A half-bat pattern is formed at important Fibonacci levels of 0.5 and 0.618 retracement at 16900 and 16600 respectively. This range is expected to be a strong demand zone for the Index in the coming weeks. As the market is going to open on Monday after a long gap it is important to keep in mind the important triggers that may set the momentum for the coming weeks.

Nifty 50 Index Analysis – Hourly TF
Having made a slightly bearish view in the larger timeframe, we will now analyze the index in the hourly time frame. As can be clearly seen in the 2 HR charts, the index is making lower lows and facing resistance at the blue trendline, which is holding this downtrend. Any reversal is possible only when an important previous swing (17660) is broken and sustained. We are also in the 3rd phase of the Elliot wave (downside) the ABC pattern will get activated when the 17450 level is broken, indicating more pain during the week. This is very likely considering the fact that SGX Nifty has given a closing of 17300 and we can expect the Index at 17200 levels. Further, with the earnings season kicking off, the Index is likely to be volatile.

註釋

1st Target achieved