Everyday, I will give you free chart analysis for Nifty50 Stock Price today. This analysis will help you plan your trades. Always remember to plan and then execute, perhaps use stop loss. I am now looking for a small pull back towards upside to form internal wave 2 of Purple wave c that will complete higher wave 4. This has been my count for this rally down from 2022.45 INR highs before the Sun Transit. As WD Gann would use Astrology, we will also talk about it at times, but for now it is Price and Time alignment as well for October 25th 2023, which should give a halt to downward movement. Also, always remember we are in a global economic dance, and as one pulls a string somewhere, there will be ripple effects. People, market Gurus (so called) said there is no impact of war but now this rally down is very fair faint view of how bad news usually comes in time periods of wave 2 or wave 4. This also means we can be alert and react more during these times rather than internal waves of wave 3 that goes more impulse, not a wave c that has downward trajectory. Now this Purple B to Purple C shown below should go in 5 waves. We completed wave 1, upside 2 is pending and then it will be red zone again towards below 1900 levels.
I will change my view only when something changes. For now we stick to this on higher time frame, that is Daily Chart shown to you above. Below is an Hourly chart for more details. If you are doing options trading, it is better you do on smaller time frames like 1H or even 1H in chart so that you get multiple exits and avoid theta decay, perhaps that is what we all intend to do and fail. Nifty 50 Share Rate today may have reached a minor support but bearish signal continues. Market will take its tuition fees, and believe me there is also a possibility of endless life long learning where you may never pass. The only way to top this education is by using stop loss, and focusing on Heikinashi Candles or any other system that works for you but stick to one system rather than listening to X’s Spaces.
Nifty50 1 Hour Chart below for Nifty50 Share Price Today October 25th, 2023
We went in 5 waves down to form a complete wave 1, and now up in wave 2 and then complete downward trend is pending. This also means we are in sell on rise market.
If market opens gap down, then perhaps my view will be entirely wrong and I can be but I am okay, I can trade what the chart will show at that time and so can you. So don’t be too rigid but flexible.
This also brings me to a question, Do we carry forward a position when we know Nifty50 is closed on Dussehra holiday? Or do we even have to carry forward every trade in options? I have spoken to some traders and after many tuition fees paid, they are willing to admit that it is better to “not” carry forward. Not only you avoid gap ups or downs against you, but you also save some time decay (theta) and you also sleep well.
Sleep for trader, is diet / food for the a person who goes to gym. As they say 60% of body is made in the kitchen, perhaps sleeping and resting and mediation is a food for mind. Your brain will be at ease if you stop watching random Youtube videos on market analysis and focus on your chart analysis and prepare for the next day without carrying positions.
Carry positions only when you are in sync with higher time frame, and if you are in considerable profit and away from a support or resistance.
Trade at your own risk, Use stop loss.
Happy trading Nifty50!
UPDATED:
Recalculated the 5 waves of of Purple C wave. Looks like we are in wave 3, and once this is done there will be pull back for 4 and then more coward momentum for wave 5.
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