Yogi Adityanath, alias Ajay Singh Bisht, the five-time MP from Gorakhpur is all set to become the chief minister of Uttar Pradesh.
An eventful week it was. BJP's landslide victory in Uttar Pradesh, US Federal Reserve's less hawkish tone and an update on Goods and Services Tax (GST) pushed the Nifty50 index to its fresh lifetime highs thrice in a holiday-truncated week.
Investors believe the win boosts Modi's re-election prospects in 2019 and will encourage him to advance his ambitious economic reform agenda. It also comes as analysts are growing confident of a recovery in earnings because of stronger economic growth: Macquarie estimates earnings-per-share for the NSE could surge 16 percent in the year starting in April, compared with a 5 percent rise in the previous fiscal year and 4 percent in 2014/15.
The under current in the market is strong as new money from both FIIs and DIIs continue to pour in spite of high valuation. Rupee has strengthened to a fresh 16 months high led by foreign inflows. Further, fall in crude prices and positive cues from GST council meeting added color to this rally.
NEXT WEEK: In the absence of major domestic and global cues, the investors will track the developments on the GST Bill.
>>> Nifty Weekly Chart <<<
>>> Click the chart to see on full screen <<<
Above is the Weekly Chart of Nifty. While all are Bullish on entire market after Price breached above 8990, I have made an alternate count here. It doesn't mean that I am totally bearish and advising to short or exit market. Discussed here is an alternative Only.
While all are singing on a same tone - I am looking for an alternative. While every one started ignoring Indicators, speaking about only the Price break out after some major events - I am still wonder why the market still making a choppy and volatile move.
In my experience - so far i have learned - market won't move in the way what the majority are thinking. Hence its very important to identify the change in trend to protect your capital and to identify forthcoming Opportunities.
As mentioned on above chart - If price able to close above the key resistance 9220-40 on weekly basis - No doubt price may move till 9500 and even 10K. But the million dollar question is, Is this so simple to predict a market like this - in such a simple way??.
>>> Nifty Daily Chart <<<
>>> Click the chart to see on full screen <<<Here in daily I have mentioned clearly how do i validate my counts. The Low 7893 was 50% of previous rally which i have taken as wave B. Current rally for wave C of B has taken 61.8% of Wave A. So Friday High 9218 is very Crucial on Weekly Basis. Totally I understood this move as a irregular ABC.
>>> Nifty Hourly Chart <<<
>>> Click the chart to see on full screen <<<I have marked the above hourly chart as 1-5, might have lot of confusions and subwaves. Price firmly managed to hold 100HMA. As per the above count - Price on the last leg of 5th wave and hence may find its resistance @ 9220 - 9240 - 9280.
>>> Bank Nifty Weekly Chart <<<
Bank Nifty Breaks the Previous high and closed above, but with a Red Doji on top of the Chart - is a Concern.
>>> Bank Nifty Daily Chart <<<
Price need to trade above 21200 to reach 21500 and 22000. If breaks the wedge along with RSI - may trigger selling.
>>> Bank Nifty Hourly Chart <<<
Price need to hold 21130 to protect from 200+ correction - Key Resistance 21460-21500.
>>> BAJFINANCE - Break Or Make <<<
Its a Break or Made Move on BajFinance - Lets Wait and See.
>>> Performance till 17th March, 2017 <<<
Above performance is not a Promise or guarantee for the given Profits or Loss.Performance given based on 1 lot at a time and clients Profit differ as per the margin availability and Number of Lots taken by them. We may or may not re-enter the Calls given here hit Stop Loss, as per market movement. The charts given above are just for educational purpose only and we don't recommend any Entry / Buy or Exit / Sell. Reader must taken their own decision or consult their qualified Analyst before making any decision
>>> N4A-Services <<<
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