Trend established on weekly chart is still intact and upward
with previous weekly closing at top most point. It is showing for more steam
left in Nifty for upside. One need to note that weekly strong support is at 7650-7600
based on trend line. This is 5th
wave on Elliott chart. Diamond formation is now turning to ‘rising wedge
formation’. It is meaningful with support at 7850. 101% - be caution at higher
levels if it emerges near 8000 psychological mark. Although, Elliott wave resistance
will be at 8132 only if it manages to stay above 7940.
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