Nifty I.T. Update
As on Mon 20 April 2026 | CMP: 31,585 | Posted 7 pm
Bottom Line
➡️ Bullish view remains intact
➡️ The 28,300 zone has held successfully
➡️ Wave C low is likely in place
📈 The market appears to be transitioning from correction → expansion (Wave D)
What Has Changed Since Last Update
- The projected downside zone (~28,300) was tested and held firmly
- Price has responded positively, validating:
➡️ Wave C completion hypothesis
This is important.
👉 Because the market has now proven support, not just approached it.
Big Picture (Monthly Chart)
- Structure continues to support a large Wave (4) triangle
- The recent low likely represents:
➡️ A completed Wave C within the triangle
📌 Implication:
- The time correction phase is mature
- Market is now rotating toward the next leg (Wave D)
Intermediate Structure (2-Week Chart)
- Clear ABC decline into ~28,300
- Strong reaction from support
➡️ Suggests:
👉 Wave D is now underway
📈 Expected trajectory remains:
- 40,000 – 42,000+ zone
Short-Term Structure (Weekly Chart)
- Sharp move up from the lows indicates:
➡️ Impulse characteristics emerging
This is a shift.
Earlier:
- Market was overlapping, corrective
Now:
- Early signs of directional behavior
⚠️ What Needs Monitoring
While the bullish case is strengthening:
➡️ This is still early-stage Wave D
So:
- Pullbacks will occur
- Structure may remain choppy initially
📌 Key level:
- 28,288 remains the critical invalidation level
As long as this holds:
➡️ Bullish structure remains intact
Execution Insight
This is now shifting from:
👉 “Accumulation phase”
to
👉 “Early trend participation phase”
Strategy:
- Continue accumulating on dips
- Avoid chasing vertical moves
- Use pullbacks to build exposure
What to Expect Next
Short-term:
- Minor pullbacks / consolidation
Intermediate:
- Sustained move higher (Wave D)
Larger picture:
- Wave D completion → Wave E correction
- Then → major Wave (5) breakout
Final Takeaway
- ✅ 28,300 support validated
- ✅ Wave C likely complete
- 📈 Wave D advance underway
- 🎯 40K+ remains the intermediate target
- ⚠️ Pullbacks expected, but structure constructive
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