Dated: 13th November 2019
NSE FMCG INDEX @ 31,700 – Corrective Mode
FMCG Index seems to be getting into a Corrective and the Lower High has added credence to the possibility. The structure suggests a correction of ~15% to 26000 odd level. Time-wise: it should complete sometime in the first quarter of 2020. Invalidation above recent high of 32,645.
Dated: 12th November 2019
BSE Healthcare Index @ 13,126 – An Elliott Wave perspective
Starting point, as per BSE Data is ~1172 in 2003, which was missing from this website, hence that has been marked.
The BSE Healthcare Index (can be equated with NSE Pharma Index) is currently undergoing a Wave 4 corrective from its peak of 18,840 in August 2015.
While the Wave 4 is yet to get over, it’s expected to not break below 11,600-10,000 zone. Invalidation on a break below 8600.
Price projections for Wave 5 are conservative and in the range of 27,000-33,000, which means surpassing this zone is not ruled out. Time projections are more in the approximation side and begin 2024 onwards, but largely can be kept in the bracket of 2024-2027.