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The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah.The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
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Indices

Friday, November 06, 2020

INDICES:


MISSING WAVE-V OF PREVIOUS BULL MARKET:

IT LOOKS LIKE "W " SHAPE RECOVERY OR RALLY LIKE 1998-2003 STRUCTURE OF MARKET:

BE STOCK SPECIFIC IN THIS PHASE OF MARKET:


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Market managed to sustain above 11800 levels on nifty. It's now concluding as missing Wave-V of previous Bull Market as per chart attached.
I thought as wave-B pull back rally after Covid fall of March 2019. But from lower levels we have seen sharp rebound in market & we have also closed above 11800 levels on nifty so it's now clear as missing wave-V of previous Bull market from lower levels from overall wave counts perspectives.
One can expect market to trend towards higher levels targets in the range of 13200-13600 levels on nifty & 44000-47000 levels on sensex in medium term till it reverses. 11535 levels on nifty & 39242 levels on sensex are reversal levels respectively from medium term perspectives.
It still looks like "W" shape recovery or rally like 1998-2003 structure of market where sensex made a new all-time high in the year of 2000 lead by technology sector while other sectors were underperforming & eventually we have seen sharp correction in market & finally market bottom out in the year 2003 & from where we have seen beginning of Fresh Bull Market.
In current case also, it's missing Wave-V of previous bull Market that will take market to further new all-time levels as far as main indices nifty/Sesnex & other indices such as BSE100-BSE200 & BSE500. But according to me it's not beginning of fresh bull Market across the board in general. This rally is contributed again by selected few sectors & stocks while other stocks are still underperforming in spite of such a sharp rebound in market from 2019 lows. So structure of market is still not suggesting any kind of new beginning.
That's why I am comparing it with 1998-2003 kind of scenario as W shape Recovery, in that case its missing wave-V of previous Bull Market.
I do have similar view in USA indices as well. So one should be stock specific & ride this rally till it reverses. One should also watchout Market Outlook column as well to get a furhter update on medium term trend.
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