Nifty

Bull’s ride on D-Street

Until Thursday close i was sure about Nifty strategy of buying on dips but friday’s volatile session had ended up everyone in confusion. But as i mentioned on that day, we should still be bias on Buying on dips and today’s close has cleared all confusion on Nifty index. As you all can notice in graph, we have close above 200 day SMA which was at 7777 which gives us a confirmation for the rally ahead. Secondly, we have close above 7836 which was the resistance line on Weekly chart adding booster to Bull ride. Now talking further on Elliot wave, it is almost confirmed that we have started a 3rd Wave of minor degree but still could be the fastest and one of the good rally in near future. Though indicators are almost nearing overbought zone on daily chart, but we still have chances to move ahead. So strategy is simple to hold longs on Nifty with targets of 7909,8055 SL: 7690 

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