LokeshSurana

Possibly a green month for NIFTY

LokeshSurana アップデート済   
NSE:NIFTY   Nifty50指数
A pattern here on the monthly chart, strat looking from October 21
- 1 Red candle -> 1 Green candle | Wave 1
Next
- 2 Red candles -> 1 Green candle | Wave 2
Now
- At 3rd Red candle
This wave 3 should give us a green candle now

Apart from this, Indian markets are affected by Dow Jones's weakness.
Dow Jones is near 50 Month EMA on charts. This level does not break easily, it did in 2008, and 2020.
I am not expecting a big fall this early after 2020, historically big falls do have significant time gaps.

Valuation of NIFTY - PE = 19, at top PE was 42, so earnings are improving a lot.

Preparation of Indian government to get rid of inflation - Export duty on metals, Cement subsidy, Wheat export ban, and many more.
So this inflation won't hurt earnings of NIFTY 50 by a huge margin as it is in the US.

So let's expect A green month with a pinch of "SELL on RISE"

Concerns
- FII intensified selling
- Dollar historically gets stronger against INR the year before Elections(2024)
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