The breakaway gap confirms the start of new uptrend which has minimum potential to test levels of 19,285. For today’s trading session, support is seen at 18,500 with upside target for day set at 18,774.

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Nifty 50 which already remains in Sub wave Wave (iii) of Wave (5) has an upper limit for the current up move to test around 19285 before we see some minor profit booking. Overall, upside target for Nifty is seen around 19800, which is expected to be completed before July end 2023.

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With advance decline ratio remaining in the positive terrain despite selling in large cap stocks. We expect current correction to be short lived before we see a near term upside towards 19220.

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The Nifty is currently in Wave 5 of (V) and declines from here on should be considered as part of Wave (ii) within Wave 5. An ideal retracement or support can be confirmed anywhere between 18230-1275 with Wave (iii) target seen at 19220 thereafter.

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The data points in Nifty show that we should see catching-up momentum as prices enter Wave-5, Nifty in USD terms may rally another 10%. The weak rupee may not pose a major threat to the Nifty rally in the coming days as long as Brent Crude prices continue to stay below USD 80 a bbl.

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Markets gave away their opening gains on Thursday to end below 18150 on the back of a sharp surge in USDINR to 82.60. The Sensex has completed seven trading sessions of expanding triangle and should be followed with Wave 5 which has a minimum potential target of 8%.

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After yesterday’s decline, we can clearly see the formation of Wave 4 correction in the form of expanding flat and this would mean we may see follow-up buying in the form of Wave 5 with a potential upside of 8% from current levels.

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Markets fell on Tuesday as the Nifty failed to cross 18,400 as the selling pressure persisted from the recent highs. However, given the recent strength in broader markets, we expect major short covering on the move above 18450 for a weekly target of 19000.

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Most market participants are watching 18500 as a psychological hurdle and hence are resorting to aggressive hedging. However, given the recent strength in broader markets, we expect significant short covering on the move above 18450 for a weekly target of 19000.

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We expect Nifty 50 to gain further momentum as Nifty Alpha Low Vol 30 index crosses above December 2022 highs and thus opening gates for another 15% upside.

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