Nifty Weekly Update

Published: Mon, 07/27/20

27 Jul 2020

The weekly Elliott Wave commentary with Targets and levels is published every Sunday to Subscribers, This is only an excerpt of our observations from recent publications.

MEDIUM TERM

NIFTY ELLIOTT WAVE UPDATE

In my post last week I looked at trend channels and this time I am using a moving average. Sometimes momentum indicators do not tell us enough about the price action, and we use something as simple as a moving average as prices may hold one till broken. This allows you to hold onto the trend despite confusion. Here I have plotted the 20dma a simple moving average, and we have not closed below it since the May bottom. Support was taken twice on the average as shown by the arrows. A channel from the May bottom has support near 10940 and the 20dma below that is at 10850. On the upside the rising channel goes as far as 11800 .... READ MORE

nifty 270720

LONG TERM

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Rohit Srivastava
www.indiacharts.com
For accurate market analysis. Technical analysis is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability set ups for traders and investors in good faith. 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. Readers may download the free Elliott Wave Calculator to do it themselves. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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