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  • Writer's pictureEkat

Nifty50 Stock Price Analysis for 6th December 2023

Nifty50 moving higher every day, has it reached some level and what about pull back? Checkout Falcon HA Buy Sell Indicator below, not even a single sell till now. We are anticipating a pull back on Nifty50 however Gift Nifty is at 21000 when we are writing this. Elliott Wave structure is telling us that we are at the top of internal wave 3, which is itself extended. Overbought conditions are there, however there is time trend change date on 7th December 9:15 am and that can be major trend change for now.

Nifty50 with Heikinashi Candles

If we take trades in 1H time frame, using this method, then entry is when you see a green candle, and then you can trail it till your stop is taken. I think I wil have to make a video for this soon. In terms of EMA, we can see that EMA 7 is above EMA 13 and it still is Buy Zone

Nifty50 with EMA

All slow EMA like 200, 100 are all below price. There is hardly any sell area for now, always trade when you get some confirmation. Never catch tops or bottoms. It never helps. For now, we are anticipating market to come down, however trade is to be taken only after confirmation. Same chart on normal candle looks like this:-

Nifty50 plan, for 6th December 2023

We are looking at wave ends, a possible gap up tomorrow can just drag this further. If we have to short this, it will be only after some confirmation. Happy Trading!

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