Is Nifty Resuming the BULL RUN?

Nifty has been climbing the wall of worry. Despite of all the events and negative news Indian equity markets have continued to stay buoyant.

Advanced Elliott Wave along with Time cycle provides good trading opportunity and possible reversal areas

Below chart is published in our daily research report (AGNI) and also in monthly research – can be referred over here

Nifty Daily Chart
Following excerpt is picked up from our monthly research report - Nifty is on verge of a major breakout. A higher low from here on weekly time frame followed by higher high will further confirm upside reversal as per Dow Theory. Time cycle of 85 weeks along with Neo wave is hinting towards resumption of the BULL Market which many might miss out again.! Do note as short term indicators are over bought, we do not rule out possibility of sudden downside reversal on account of profit booking but that will only be temporary. A higher high higher low formation on weekly charts will be the major confirmation for resumption of the “MOTHER OF ALL BULL MARKET”

Trump Tariff impact – As we mentioned that 21900 levels should hold on the downside much earlier than the tariff announcements. Post the 26% tariff announcement imposed by Trump on 4^th April and reciprocal step taken by china, India markets on 7^th April collapsed by more than 1000 points but still managed to protect 21900 levels on closing basis.

We have turned bullish when Nifty was near 22500 levels and have been maintaining the same stand since then. Nifty already touched the high near 24360 levels – a move of more than 1800 points.

We believe that, “Events do not drive the freely traded markets but only results into short term volatility and eventually the original trend resumes!”

As we can see Nifty saw a sharp recovery of more than 2600 points from the low of 21743 levels which was in sync with our 55-days’ time cycle. This showcases that despite of the event there was a short-term knee jerk reaction but prices immediately resumed on the upside.

According to the wave perspective, as the recent rise retraced the prior fall in less time so it looks that the entire rise is impulse in nature and we are only in wave a or 1 and we are yet to see wave 2 or b which might be of 10-12 days of consolidation. Post completion of wave 2 or b we can expect a strong rise in the form of wave 3 or c towards lifetime highs in coming months.

By combining this science of Time trading, Neo Wave and Price action it is possible to forecast the market and enter early on when majority have been focusing on the events.  

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