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Nifty Analysis for 31/05/2021

On Friday, in 15 minutes chart, Nifty has posted 2 candles below TEMA 89. But the last candle could manage to close just above TEMA 89. Low of last but one candle has taken support above MA 34 which is a good sign. So as long as Nifty is above TEMA 89 and MA 34, it may go up.

In the Nifty daily chart, Nifty posted an all-time high of 15469.65. But the last 5 candles are very small and indecisive. Nifty has gained 584.75 points from a low of 14884.90. Earlier wave 1 amplitude is 545.35 points. The current wave is wave 3 and is larger than wave 1 which is as per Elliott Wave Theory. So Nifty can take correction for wave 4 anytime. The start of this correction will be seen in 15 Minutes chart and can be confirmed by TEMA 89 and MA 34. We may post the same on our Corerpati WhatsApp group. So be conneccted.

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Nitin Shripad Joshi

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