Nifty Wedge Break: Anticipated Happened and forecast

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Nifty Anticipated on 7th July 2019

Nifty Happened on 8th July 2019


In my previous update on Nifty: Wedge Break I had mentioned that " Nifty is in a bear grip and can witness selling pressure in coming week dragging prices lower till 11600 in near term." Nifty faltered more than 250 points in a single day and tanked below 11600- Anticipated Happened.

For detail of the above analysis click on this link:-

 https://www.marketanalysiswithmeghmody.com/2019/07/nifty-wedge-break.html

Nifty on the following day consolidated and made a candle which seems to be a reversal pattern i.e today on 9th July 2019. However, it is difficult to come to a conclusion that Nifty will reverse as it is important for a following day confirmation. If you want to catch a reversal, it is like catching a falling knife. The resistance will be at 11700 levels which is difficult to cross. On the downside 11400 will be a support as the index is on the brink to fill the exit poll gap.

From Wave perspective, Prices are moving in a wave c has retraced 100% of wave a, but there cases where it can extend till 161.8% of wave a which comes to 11250 levels. I am not too bearish for this index at current juncture. There are chances that prices can move close to the resistance mentioned above but it will not sustain and as a result supply pressure will intensify.

In short, Nifty is still in bear mode and can move lower close to 11400 levels with resistance at 11700.



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