Research Report – NSE DLINKINDIA & NIFTY

Timeframe: Daily

NSE DLINKINDIA has recently broken above its 20-day, 50-day, 100-day, and 200-day exponential moving averages (EMA) on the daily chart. It has been undergoing a corrective pattern for over 35 weeks. Additionally, the Average Directional Index (ADX) has begun to climb, reaching 20.28, while the Average True Range (ATR) sits at 13.03.

The current structure appears to be a double zigzag pattern. Wave c of (Y) was completed at 255.1, followed by an upward movement. Currently, the price is hovering around the level of wave (X) at 349.9. A breakout above wave (X) at 349.9 would confirm the end of the corrective channel. Traders may consider buying if the price breaks above 349.9, targeting levels at 363 – 382 – 403. The ideal target point would be 161.8% of wave 4’s reverse Fibonacci retracement.

We will update further information for premium subscribers soon.

NSE NIFTY – Price Action Analysis

Timeframe: Daily
NIFTY on the NSE has recently crossed below its 20-day and 50-day Exponential Moving Averages (EMA) but remains above its 100-day and 200-day EMAs. The Average Directional Index (ADX) indicates a relatively weak trend at 16.35, trading below the 30 mark.

NIFTY is situated within an ascending value area, indicating a balance between buyers and sellers at the current price level. It’s trading near the lower boundary of this channel, and historical data suggests that NIFTY has not recently made new lows. Typically, when it does dip lower, it tends to rebound, forming excess and returning to the channel, signaling potential further upward movement. Additionally, a sub-value area has formed, characterized by sideways movement in prices.

Lock

Only subscribers can read the full article. Please log in to read the entire text.