Analysis of Nifty for 01/04/2024
On Friday Nifty posted a high of 22516 which was just short of an all-time high of 22526. Also, it could not sustain the higher level and closed at 22326.90 which is just below the green line of the channel. Now if 21710 is the end of A of 4 of 3 of 1 of 5 then 22516 can be the end of B of 4 of 3 of 1 of 5 but not confirmed yet. Next downward correction of C of 4 of 3 of 1 of 5 will start and Nifty will go down. I have drawn one more trendline to which B of 4 is following. So, to confirm the start of C of 4 this trendline has to be broken downwards.
As per the second counting method, this is wave 5 of 3 of 1 of 5 which will take Nifty to much higher levels. Let's see how Nifty moves actually in next week.
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