Nifty - Was That Shark Bounce or Sharp Bounce 13600-14700-What Next?
Amazing session for Indian Stock Markets & Possible Reason for moves which unfolded on 1st Feb2021 • Harmonic Pattern • Heaven’s Message • Indian Budget2021 • Stock Updates
Harmonic Pattern
Bullish Shark Pattern which was suggested last week with trigger level above 13850 & targets of 14100 / 14400
Last Idea Published – Shark Harmonic Pattern
Heaven’s Message From Financial Astrology, Mercury went retrograde (moving backwards) on its orbit which it does 3-4 times in a year & recently went retrograde for the 1st time in this year on 30th Jan2021 & shall remain for 3 weeks until Sunday, 21st Feb2021 when it goes back direct again. Mercury retrograde is also a period when false moves might happen so be careful while trading & do not get emotional.
Indian Budget2021
Stock Updates
Reliance – false breakdown below 1835 last week & bouncing from new lows of 1830 to 1900+
TataElxsi- Its Elxsi or Expanding suggested last week – moved 2400’s approx. to 3000+ which was amazing
What Next? Market Participants should be careful of Double Top’s close to 14700+
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22:49 Hrs / 2nd Feb2021
Just be careful as crossing above 14700 - It could attract more buyers & push upside -there is a big worry point which is -it should not drop below 14700 which will become key level for next few sessions
Till the time it holds above 14700 - You can think of taking buy or long position & avoid any buy if drops below 14700
any views on Nifty ? I guess due to long holiday in Asian countries, US stimulus and bond yield are halting the market. would be great to know your view !
Please avoid Green background. Use white. Your analysis is good.
invest_shares
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What is the confirmation sign that Nifty is making double top at 147500? Will a move below 14500 confirm that a double top is in place?
What is the best strategy to play this move, should we short 14800 CE?
Thanks a ton for your analysis, we are learning a lot from you.
WaveTalks
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@invest_shares, No- you cannot take sell strategy unless it gets confirmed & in present scenario when markets started upside move on volatile note- we can never expect to reverse the trend so soon. Selling which I suggested is cautious selling close to 14700 & as a trader we need to join the trend once it starts moving above 14700 which is key level. Have also updated overnight comment. Double tops technically gets confirmed only when support is broken which is 13960/13850 which too far. Taking sell close from 14700 we had small risk to be taken.
dhondisrikanth
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Will Nifty fall down 300+ points by weekly expiry? ie 14725 to 14250 ?
WaveTalks
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@dhondisrikanth, Doing sudden change is always tough & you may call this volatile moves if happens - just take care that we sell close below 14700 which was the case intraday - falling 300+ points looks tough- not sure- it can attempt immediately as Reliance has started moving above 1830/1835 & expected to touch 1970/2000+ which can hold Index Nifty or if fall happens it will be not that big enough
I guess due to long holiday in Asian countries, US stimulus and bond yield are halting the market.
would be great to know your view !