Nifty Analysis for 08/04/2024
Last week we predicted 2 options from Elliott Wave Theory and it seems that 2nd option will be through but not yet confirmed. The above chart shows the formation of the 'M' pattern, which will be completed if Nifty closes below 22434 on Monday. If the 'M' pattern is confirmed, Nifty will go down in the coming week. At the same time, Nifty is very close to its all-time high. If this is wave 5 of 3 of 1 of 5, Nifty may post a new all-time high and close above the previous all-time high. The same is the case with Bank Nifty.
I have added TEMA 89 and HMA 39 to the chart. HMA 39 has crossed TEMA 89 upward in February and the Nifty has been going up since that. Right now both of these averages are about to turn up which is a sign of Nifty going up stiffly.
In our #share #analysis #software, the short-term sell turning price is 22462. If Nifty closes below this price, a short-term sell signal will be generated as per the software and will support the 'M' pattern which may take Nifty down. So let us observe both options.
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Nitin Shripad Joshi
Vedant Margdarshak
9922081120
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