Analysis of Nifty for 18/03/2024
On Friday, Nifty posted a small red candle, but it is about to form a W pattern in the line chart. If on Monday Nifty closes higher than Friday's close, the W pattern will be completed which is an upward reversal pattern. So Nifty may go up. Then the low posted on Wednesday which is 21905 may be the end of 4 of 3 of 1 of 5 or it may be A of 4 of 3 of 1 of 5 and B of 4 of 3 of 1 of 5 will start which is an upward wave. If Nifty closes below Friday's close then the downward wave will continue. In our Share Analysis Software, all indications are down except the 34 DMA and 200 DMA trend and MA crossover which is up. Hull Suit is also broadening its shape, a sign of a downtrend. So everything is a bit confusing so one should avoid trading in a correction wave. Always one should trade in impulse waves.
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Nitin Shripad Joshi
Vedant Margdarshak
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