INSUBCONTINENT EXCLUSIVE:
By Sacchitanand Uttekar The Nifty has formed a large bullish candle on the weekly charts and the current momentum can take the Nifty up to
all-time highs in a very quick span of time, according to technical analysts
contributor for Indian markets and for our rupee to gain nearly by 3.39% from its February high
Nifty is locked well within a 5 WAVE bullish structure which commenced post the establishment of a low on October 26, 2018 at 10004.55
surge.
What is in store: The recent rally from 10,585 is about to witness termination and the final hour profit booking during the end of
a confirmation is awaited
We believe that the corrective wave is in the offing which could provide participants with yet another opportunity to build longs, but after
a meaningful decline or time consolidation
Hence, traders are advised to refrain from fresh longs and book profits in their existing positions.
What you could do: Strong seasonality
factor complements the ongoing scenario as historically the months of March and April have relatively favoured the bulls
Sector rotation remains the key for participating such dynamic moves
Risk adherence could kick in soon and safer avenues like participation via quality large caps especially with major holding by FIIs,
defensives like IT and Pharma could become the themes for the next bullish wave
Market participants should utilise the forthcoming corrective wave to switch to quality irrespective of being at elevated levels.
The author
