I try to evaluate sector wise mood every year. Here is what I see.
Nifty entering in corrective mode...
Nifty seems to be entering in a corrective mode.
As per Wave count it seems that we have completed 5 waves impulse nr 18700.
Considering speed at which nifty has gained this height I think next correction will take much longer as there need to be time spent at these levels.
Significant fib levels for support are 16000, 14400, 13000 and 11750. This will bring it closer to 200 moving avg.
Sector View for 2021
Following are sector wise Views for 2021...
Hope this will help manage our portfolio well. (Updated with Nifty IT)
Nifty Small cap still to fall
After Head and shoulder formation this counter is further likely to see 6K level.
NCC inv Head and shoulder
Good inv head and shoulder pattern is seen here. Target of 160 can be given with some resistance at 140. Buy above 133
IDBI breakout
IDBI has given breakout from a long term trendline. It has now a target of 115, there is some resistance at 90 to 95 levels.
Nifty Midcap 50 turning bearish.
First sign of reversal seen in Nifty Midcap 50 as Head and Shoulder reversal pattern appear in this index.
Jubilitan Foodworks Bullish breakout
There is rounding bottom here. Buy on dips for longer term target of 3000.
Vedanta Head and Shoulder
Vedanta have given breakdown and is confirmed head and shoulder with target of 260.
NIFTY at crucial support
Today's fall has brought NIFTY at the support which is very crucial. As it is a bottom of a rising wedge. Fall below this clearly means we have initiated a bear phase.
This might start the reactive wave as given earlier.
This might start the reactive wave as given earlier.
United Spirits Breakout
As given earlier there was double bottom indication here. Now fresh buying is seen and it has given breakout above resistance trendline giving Target of 3700
United Spirits double bottom
On long term chart there is clear double bottom in this counter and one can buy with target of 3000.
Nifty wave count
Tried to put Elliot wave count for Nifty. As per this count earlier target of 11000, is expected to end the current impulse wave 3 and we will enter in complex reactive (bearish phase) wave 4.
MCX Resistance to Support
After breakout in nifty as identified earlier. Now market is turning bullish and there are more stock counters showing bullish sign.
MCX has given a good bullish indication of Resistance becoming support. This makes support of 1075 a significant support for next quarter or two.
Target of 1375 in short term can be achieved. If it breaks above 1375 next move can be predicted.
MCX has given a good bullish indication of Resistance becoming support. This makes support of 1075 a significant support for next quarter or two.
Target of 1375 in short term can be achieved. If it breaks above 1375 next move can be predicted.
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