April 16From Feb budget day onwards nifty started its upward journey till march expiry and made a high of 7777 and from there on nifty saw some signs of fall on the start of April series. it was looked like nifty has lost its steam and will give some correction or may say the profit booking will happen before any rise,but nifty failed to sustain at lower levels and bounced sharply without breaking 7500 levels
There are only 8 trading session left in this expiry we expected a good correction in this expiry but nifty saw an unexpected move from last three sessions and went up almost 350 points from the low done in this expiry,it may be due to the news flow about the good rain forecast and the good cpi number what ever it may be till now it looks like nifty will give more 50-200 points maximum on upside and then nifty can give good selling opportunity which was postponed
According to eloit wave theory it may be wave it may be wave "1" completed at 7094 and from there it may be wave 2 completed at 6969 and from there on nifty started its upward journey towards 7777 with just one profit booking at around 7600 levels,it may be wave 3 completed at 7777 level and from 7777 nifty fell upto 7517 which most probably wave 4.And now nifty in last impulse that is wave 5 of the complete up move and from there it can decline to complete its bigger wave two before next impulse.
Nifty almost to complete its upmove and after complition of tis upmovr it can good decline brfore further rise.But the when the upmove will going to complete that cannot be predicted
so,it s better to stay away from market in current stuation and preserving capital for the right time to enter in any positional trade