Nifty

Published: Mon, 02/20/17

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The Complete Market Analysis
Dear ,

A dull week for Nifty after a doji and doji star as we are close to testing the breakout level at 8940.




20 FEBRUARY 2017

The weekly elliott wave commentary with Targets and levels is published every Sunday to Subscribers, This is only an excerpt.

MEDIUM TERM

NIFTY ELLIOTT WAVE UPDATE 

Nifty formed a doji star on weekly charts close to the trendline from the 2015 high. This levela t 8940 is the most important hurdle to the market making new highs and we will be watching what the market does here. The focus remains on Midccaps and watching if the breadth remains strong...  READ MORE

nifty-200217

 LONG TERM  

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Long term Perspective and Basis: Updated 20 FEB 2017

Sensex completed a long term 5th wave in 2015. The nifty is back to close to those levels for a second time. A trendline of the highs and lows makes for a triangle in the 5th wave that may end near the upper end close to 8940. A breakout would change the structure. The Sensex also ended the year with a massive inter market divergence with the Midcap indices that did make a new high for 2016. Such divergences are often a advance warning of a major trend reversal at hand. Many may want to argue that 1994-2001 is wave 2 and not wave 4, however based on my assessment of Economic cycles as discussed in the Economic cycles section of the website this is a better assessment. You will need back data going back to the 1940s to get the full picture on this. The existence of a triangle from 2008-2013 allows us to mark that as wave IV. Till proven otherwise wave V of 5 has ended completing a supercycle degree Bull market that started with the inception of the RBI in 1934. This is discussed in more detail in the Economic winter reports. If the 5th wave does manage to extend it would be on the back of inflationary forces that have now become apparent but inflation adjusted returns of the Nifty since 2008 remains negative.

 sensex-200217

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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability outcomes for traders and investors. However this is not a solicitation to buy or sell stocks futures or options or any security. Trading in any financial market should be done with sound knowledge and the help of a qualified investment adviser. Stocks based on the Elliott wave model are based on the Fibonacci fractal of the market and momentum indicators, Levels are based on Fibonacci maths and are only indicative of what the mathematical model throws up. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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