Fly High.
Index hit our target and is extending further, however so far it less than a percent higher.
Index continues to rally in the uncharted territory which shows bulls are in strong momentum.
Budget week’s correction is considered as a separate falling Target of 24800 Attained
Budget week’s correction is considered as a separate falling leg after the one-sided move from 21281 to 24855.
Up trend is continuing. Continue with bullish stance andkeep the stoploss of 24600 levels. Target of 25100 – 25300 levels for short term. Big picture in next page.
As per the preferred count, current rising leg is “wave 1 or a” and so far no major subdivisions are visible on weekly chart.
As per preferred wave count, Nifty has completed “Wave (X) at 21281. From there new move has started which could be labeled as “wave 1 or a”.
Base shifted to 24074.
Big picture is strong 4Since index still hovers around our earlier target of 24800, we may see some retracement. If that happens, then it is a buy on dips opportunity. Overall in big picture, index is continuing the uptrend. As long as “Base – 24074” holds, we may see 25800 levels in coming months
HDFC sec Research -Nifty – Elliott wave perspective – Fly High
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