Nifty gave a nice flag breakout on Weekly Chart

Nifty broke the TL in 3^rd week of April, since then prices consolidated in range of 314 points for 5 weeks and this week gave a nice flag breakout.

Nifty should achieve 8844 in coming 4 to 5 weeks as per Flag Pattern calculation. Pattern negation point is 7938.

Though price closed above 89MA (8111), may find resistance and retrace before start surging ahead. 

Happy New Year 2016!!

May every day of the New Year

glow with good cheer and happiness

for you and your family.

Nifty ST EW counts update contd...

Nifty completed consolidation by hold 2 days back low (7733) and seems wave 3 will unfold in coming days to achieve higher target.

Counts are as follows:
1. 7551 - 7853
2. 7853 - 7733
3. 7733 - Unfolding...

SL should be wave 2 low (7733 - assuming low is done, else can retrace more) as per EOD counts. On lower TF if Wave 3.ii.c completed today then today's low (7777) would be an ideal SL.   

Nifty ST EW counts update

Nifty completed B/b wave @ 7551 and now B/c is unfolding as follows:

1.    7551 - 7853
2/a. 7853 - Unfolding. May find support @ 7738, 7702, 7666 

Lower TF suggesting 2/a is done and Nifty may hold @ 7738. 2/b and 2/c will unfold in a day or two, then bigger 3 wave will start unfolding for higher Target.