Analysis of Nifty for 15/03/2024
Today Nifty close above the green line of the channel. So, a downward breakout is not confirmed. Now again Nifty has to close below the green line for 3 consecutive days. Otherwise Nifty can go up towards the red line of the channel. Hull Suit has given a sell signal and our share analysis software is saying down with stop loss 22452. So, the chances of the Nifty going down are higher.
On the Nifty weekly chart, I am plotting the Elliott wave count. I am considering that at 22526 it is the end of 3 of 3 of 1 of 5 and the current wave is 4 of 3 of 1 of 5. If this is confirmed then this wave may end at 21140 or plus minus. Currently, the weekly candle is red and it has engulfed the previous 3 green candles. So this can be a bearish engulfing pattern which is a downward reversal pattern. Hull Suit is solid green and has no sign of reversal. So this is a minor correction. Let us watch for tomorrow's candle.
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Nitin Shripad Joshi
Vedant Margdarshak
9922081120
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