FinNifty

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 FinNifty daily chart


Analysis

The index is moving in a higher highs and higher lows but RSI is exhibiting negative divergence which is a sign of caution. However, it is  not clear that the index has started moving down in another leg. So it is important to see if previous supports are taken out of not going ahead which will discontinue the positive formation.

As per Wave theory, the index has completed wave 5 of wave c of wave B or a part of it as the correction after wave 5 is corrective in nature and has retraced 50% of it. So there can be an attempt for the index to move higher towards its previous high.

The summation is, as far as 19450 is intact on the downside there can be an attempt made by the index to move towards 20600 levels.

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