Tuesday, July 31, 2012

No CRR Cut - then Where is the Bear ?

>>>NIFTY<<<



>>>> Click the chart to see it on full screen <<<<


Todays upmove looks like a 1-5 pattern, in such a case - the On going B wave is again forming a A-B-C. As marked on chart sw(a) got completed near 5233 and may fall upto 5107 to fill the first gap and to complete sw(b) and may raise upto 5280 or 5302 to complete B wave.

>>>ICICI BANK<<<




(30/Jul/2012 11:43:08): *****STOCK-ALERT***** Sell & Hold ICICI BANK near 970. Cmp:968. Target 950 & 930. SL above 983.(all cash levels)

31-07-12, 11-40-31 am ****STOCK-UPDATE***** Sell ICICI BANK given Yesterday on 968. Low made 952.70 - almost near our first Target 950. Hold for Next Target. Profit so far 16 X 250 = Rs.4000. Enjoy

Monday, July 30, 2012

RBI Rate Cut Buzz - Nifty Jumps 100 Pts


Nifty Jumped 100 Point on hope of RBI may cut Interest Rate tomorrow. along with European Markets ran high on Hopes from FED & ECB may do some thing positively for Sinking Euro nations like Greece & Spain.

As a Result Nifty breached 5169 and invalid the Previous count of 1-5. So now ABC come into effect as given on chart above. As such the On going wave should be B.

5217-19 seems to be a strong resistance, if breaks then may see an upmove upto 5228 & 5280.

Unable to cross may test support levels like 5190, 5150, 5077 & 5032.

Cheers!!!

Friday, July 27, 2012

Bear Domination


Even after Presidential Election Govt maintain its Silence - hence Stock market becomes nervous + 51 Securities removed from FnO - Resulted in Yesterday News of Margin Triggered - resulted in heavy sell off in Mid Cap stocks

Today rumour about drought declaration on Monday by Govt. and followed by Panic in PSU Bank Stocks as rumours of Agri Loans may get waved and fear of NPA may raise - as result SBI / Andhra Bank / PNB and Vijaya Bank got hammered. Bank Nifty lost all the gain in the Second part of the trade.

The above chart I have marked the two possibilites in next Week.

As marked on White Color :- Raise upto 5190 for 3(2), may be can break the channel and fill the gap left as marked on chart. In this Case sw(3) can once again Extend as it violate the sw(1).

As marked on Yellow Color:- Can come down to fill the gap left on the bottom (todays gap up) and may raise upto 5160 to complete sw4. This move is a Possible one.



Third Possibility may be sw(4) is completed and moving now for sw(5) as shown on chart.

Hence the conclusion is still more pain left next week also. As I have warned for last 1 month, Nifty is now really making a fall faster than expected.

Wish you all a very Happy week End. Cheers!!!



Thursday, July 26, 2012

On the Line of Support - 5040

>>> Click the above thumbnail to see in full screen<<<


Attached above is Eod Chart. Today Important 50 & 200 dma broken decisively, means the Entire Picture turning slowly in favour of Bear. Also the Channel Pattern shows that Nifty may test 4900 or below.


>>> Click the above thumbnail to see in full screen<<<


Attached above is the 15 Mins Chart and marked all Extension waves, as Nifty has fallen with lot of extension waves. I feel this may help some beginners to learn also.

As per I feel that 3rd wave is not yet finished, and so 3(5) is still on. 5040 is the previous low made on 18th June, hence today Nifty able to close above 5040 means a Minor bounce back for tomorrow is not ruled out.

So our Readers of this blog who are in short should maintain intraday sl of 5093 and hold the Shorts.

As the Overall trend looks weak in favour of Bear, the Ultimate fall may be up to 4860 or near.

Hope all find usefull by reading this Blog.
Performance :-

krish_venkatesh (25/Jul/2012 12:14:17): *****STOCK-ALERT***** Sell & Hold if TATA STEEL breaks below 388 with a SL of 398 on closing basis. Target 377 & 366. (all cash Levels)


krish_venkatesh (26/Jul/2012 10:19:29): *****STOCK-ALERT***** ORIENTAL BANK (OBC) Sell if trades below 231 for a Target of 228 / 225 & 220. SL 237.


krish_venkatesh (26/Jul/2012 10:56:27): *****STOCK-update***** PANTALOON all target achieved. Sell given on 23rd July @ 177. Cmp:162.50. Book Full Profit & Exit. Profit 14.50 X 2000 = Rs.29000/- Hope All enjoy the Call

krish_venkatesh (25/Jul/2012 10:17:14): *****Stock Update***** NIFTY Sell given on 20th July @ 5210. Cmp:5100. Profit 50 X 120 = Rs.6000. Book atleast 50% Profit here and Enjoy

krish_venkatesh (26/Jul/2012 10:59:49): *****STOCK-update*****
SBIN cmp: 2060. Sell given on 20th July @ 2140. Book Full Profit & Exit. Call Closed. PRofit 125 X 80 = Rs.10,000.Hope All enjoy the Call

krish_venkatesh (26/Jul/2012 11:41:52): *****STOCK-UPDATE***** CHAMBAL FERTILIZER cmp: 70.50. Sell given on 23rd July @ 73. First Target achieved. Book 50% Profit. Profit So Far 2.50 X 4000 = Rs. 10,000/-

26-07-12, 01-43-44 pm *****Update****:- ORIENTAL BANK now 225. Achieved Second Target. Start Booking Profit. Profit So far 6X1000 = Rs.6000. Enjoy

26-07-12, 03-19-38 pm*****Update****:-Book Full Profit in Tata Steel 382 & Oreintal Bank (OBC) at 225 and Exit. Hope Enjoyed the Profit

Wednesday, July 25, 2012

Relief Rally ??


As said Yesterday, there is not change in today trade also as the Break out from the falling wedge still persist. If this is going to be the sw(4) then Nifty is moving towards 5167-69 as marked on chart as its the 50% retrace of the previous fall. As I feel the gaps are going to be left unfilled and may fall once it completes sw(4).

So if any readers of this Blog are in Short Position in Nifty then 5169 should be the Stop Loss. Break above this level may trigger a further rally to fill the above 2 gaps. Hence this wave counts become invalid and may change to ABC instead of 123.

Lets wait and see. Cheers!!!

Todays Performance :-

krish_venkatesh (23/Jul/2012 09:51:16): *****STOCK-ALERT***** Sell & Hold PANTALOON RETAIL below 177 for a Target of 169 & 162. SL above 184. (all cash levels)

krish_venkatesh (23/Jul/2012 10:38:28): *****STOCK-ALERT***** Sell & Hold TATA MOTORS Only Below 217 for a Target of 212 / 200 & 190. SL above 222 (all Cash levels)

krish_venkatesh (23/Jul/2012 13:21:24): *****STOCK-ALERT***** Sell CHAMBAL FERTILIZER Futures if breaks on cash below 73 for a Target of 70.40 / 67.30 & 63.30. SL above 75.

krish_venkatesh (25/Jul/2012 10:07:24): *****Stock Update***** TATA MOTORS Sell given on 23rd July @ 217. Cmp:212.50. First Target Achieved. Book atleast 50% Profit & Enjoy. Profit 5 X 1000 = Rs.5000

krish_venkatesh (25/Jul/2012 12:40:33): *****STOCK-UPDATE***** PANTALOON made a low of 168.80. First Target of 169 got achieved. Hold for Next Target 162. Others Book Profit. Sell given @ 177. Profit 8 X 2000 = Rs.16000. Enjoy

Chambal Fertlizer made a Low of 70.7 - Lot Size 4000. Sell given at 73. Profit so far 2.3 X 4000 = Rs.9,200.

Tuesday, July 24, 2012

Is Bear Waiting ?


Nifty made a choppy session today, Unlike Yesterday Nifty can't move any where, rather Opened and Closed at 5128 and made a doji (on Eod), also came out of the falling wedge channel as shown on the Hourly Chart. It may be a seen as a Interim break out too.

But as per Wave Count Nifty may move up to 5162 for sw(iv) which is 50% retrace of the Falling wedge channel as there is a Positive divergence seen on macd in 15 mins chart also.

But still Nifty is in the grip of Bear untill Nifty able to trade above 5170 with volume. Chances of sliding upto 5080 to 5060 is immense.

Cheers!!!

Monday, July 23, 2012

Bears are Back ?


Yes, it seems Bears are Back as expected with lot of bad news flowing round the corner. Yesterday I wrote Nifty ready to fall for sw(iii) and it may be deep. As predicted Nifty made a Low of 5108.25 and confirmed the Bears Entry.

Now whats next, As shown on Chart sw(3)is going on. There are 2 possibilities marked on chart. If sw(3)(iii) is completed at 5108 then we may bounce upto 5180-84 for sw(iv) and then a fall to completed (v).

Next alternative (as shown on Yellow colour) is we may open gap down and 5060 and may retrace upto 5127 for sw(iv) and fall below to complete (v).

So the Performance is as follows :-

(20/Jul/2012 10:48:30): ****NIFTY-ALERT***** :- Sell & Hold as Positional If Nifty Spot breaks below 5210. Target 5130 & 5060. SL above 5260. cmp:5230

23-07-12, 12-59-04 pm *****NIFTY-UPDATE**** Nifty Sell given on 20th July @ 5210. First Target 5130 almost achieved. cmp:5134. Book Profit and Hold remaining with 5170 SL.

(20/Jul/2012 10:47:04): *****STOCK-ALERT***** :- Sell SBIN if breaks below 2140. Target 2080 & 2027. SL above 2173 (All Cash Levels)

23-07-12, 12-33-26 pm ****STOCK-UPDATE***** SBIN sell given @ 2140 on 23rd July. Cmp:2100. Can Book 50% Profit.

23-07-12, 10-38-16 am *****STOCK-ALERT***** Sell & Hold TATA MOTORS Only Below 217 for a Target of 212 / 200 & 190. SL above 222 (all Cash levels)

23-07-12, 09-50-39 am*****STOCK-ALERT***** Sell & Hold PANTALOON RETAIL below 177 for a Target of 169 & 162. SL above 184.

23-07-12, 02-47-05 pm Pantaloon & Tata Motors Sell Triggered and Falling. Nifty Broken Important Support of 5127. Next Support at 5060. SBIN 2096. Hold all the Shorts and Enjoy the Fall.

23-07-12, 01-21-15 pm*****STOCK-ALERT***** Sell CHAMBAL FERTILIZER Futures if breaks on cash below 73 for a Target of 70.40 / 67.30 & 63.30. SL above 75.

23-07-12, 02-50-06 pm - Chambal Sell Call Triggered Now.

Cheers!!!

Saturday, July 21, 2012

Weekly Review


>>> NIFTY <<<


Nifty so far travelling inside the Pitchfork gives us a choppy and sluggish movement, Next week if able to break below then a fall can't be ruled out.

As I wrote on Friday Nifty can't able to break above 5259 confirmed that completion of sw(b) or sw(ii) and now ready to fall for sw(c) or (iii).

A fall below the channel line as marked on chart - a fall not ruled out, may be it can be a deep fall too.


Given above is Intraday Chart for Nifty - After completion of sw(B) at 5348 - C must start with 1-5. Rather the possibility of a-b-c again is not ruled out. So marked here with 2 possible alternatives. Ofcouse I see both are on Bearish side Only.

After completing sw(A) or sw(1) at 5169, sw(B) or sw(2) retraced upto 50% of the previous sw upto 5257.75. A fall below 5197 may confirm the next fall. Middle line of the Pitchfork giving a good support, if breaks then a fall may continue.

As I have already advised my clients to sell Nifty as mentioned below

(20/Jul/2012 10:48:30): ****NIFTY-ALERT***** :- Sell & Hold as Positional If Nifty Spot breaks below 5210. Target 5130 & 5060. SL above 5260. cmp:5230

This week lets discuss some the stocks also here

>>> SBIN <<<


After Breaking the Trend line as shown on chart - State Bank of India confirmed the Fall in coming days.

Advised all my clients to sell as given below

(20/Jul/2012 10:47:04): *****STOCK-ALERT***** :- Sell SBIN if breaks below 2140. Target 2080 & 2027. SL above 2173 (All Cash Levels)


>>>> TATA MOTORS<<<


Tata Motors - Above is the Eod chart of Tata Motors - I feel its an Irregular ABC on the given above Eod chart. If the stock able to break below 217 then it may test 170 level to complete wave C.


Thursday, July 19, 2012

Break out works.


>>Click the Chart to see in on full Screen <<

Yesterday Count got Negated as surpassed above 5222.65. Upmove continues as Yesterday's break out form falling wedge.

Now I have marked the waves as a-b-c as I feel the ongoing wave as sw(b). As shown on chart tomorrow if there is a Break above 5259 can move up to 5280 & 5310 as its a retrace of 61.8 & 78.6% vice versa.

Else unable to move above 5259 means its a completion of sw(B) and may fall down - possibility of breaking down below 5169 for sw(c).

Lot of domestic news roaming around the corner like FDI Retail & GAAR - Continuous UP move of World market helping the Bulls to move Up.

Since tomorrow is week end and nearing the expiry for the current session - may witness some interesting twist. Cheers!!!

Wednesday, July 18, 2012

Break Out from Falling Wedge??


>>> Click the Chart to see it on Full Screen <<<

Nifty touched 5169.3 intraday Low - exactly the bottom of the Falling wedge and gave a break out from the falling wedge, touched intraday high of of 5222.65.

Now I mark this upmove or break out as sw(4) as it did not overlapped my count of sw(1) and also it retraced exactly 50% of sw(3).

Now todays high 5222.65 is very important, if breaks this high then count becomes invalid and upmove may continue.

Else may fall up to 5154 / 5133 and 5110 for sw(5).

Lets see. Cheers!!!

Tuesday, July 17, 2012

On the Support Line


>>> Click the Chart to See on full Screen <<<

Even though Fed Chairman Ben Bernanke hinted that there shall be a Possibility of further Economic Stimulus - that kept the Asian and European Market in Green followed by Dow Futures also. But Nifty refused to follow it.

Even though the day started with a gap up, Nifty unable to Hold the gain, as many as stocks like Tata Motors and TCS melted.

As the fall on Nifty looks like a Falling wedge Pattern, Now its important for the level 5160 to get broken on the downside as 200 Hr MA is 5183, a break below these levels will invite more selling Pressure.Above 5210 or a break above the falling wedge may give strength to Bulls, 5128 & 5060 act as an support as it is 38% & 50% retrace vice versa.

Cheers

Monday, July 16, 2012

Island Reversal ???

>>>Nifty<<<


>>> Click the Chart to see in full screen <<<


Nifty touched the important Suport of 5190, almost ready to enter the Gap left between 5160-5190. If there is a gap down tomorrow below 5160 it can be an Island Reversal which may be a confirmation of Bearish Reversal unless the Gap left is filled in short span of time.

See the Below Example of How Nifty will behave in case of a Gap down as Island Reversal


>>>Bank Nifty<<<


>>> Click the Chart to see in full screen <<<


As I wrote on Friday Bank Nifty gave a Bearish Break down - It seems Bank Nifty has completed Sw(b) or sw(2) and may fall below the trend line as marked on chart for sw(3) or (c).

A fall is confirmed Once the Trend line gets broken as on chart.

>>>Weekly Bank Nifty<<<


Attached is the Weekly Bank Nifty Chart. A Grave Stone Doji formed on the Upper Bank of the BB is a Sell Signal and so a fall can not be Ignored from current level.

Cheers!!!

Saturday, July 14, 2012

Weekly Review

>>>> Click the thumbnail to see in full screen <<<<

Finally Nifty closed out of the raising wedge and registered its Bearishness on the week end. Weekly Candle suggest highly Negative outlook in coming days.

As shown on the chart, if Price able to brake below the gap left at 5160 then Nifty may continue to fall with heavy selling pressure.

As per count, I feel that Wave B is over and C has started already.

Many queries to me why Nifty is very choppy or sluggish trade these days. I feel this choppy was due to Bank Nifty which was trading in a Bullish manner so far. Last week Bank Nifty also gave a Bearish break down, so Bank Nifty may lead the fall along with Nifty in coming days. So I suggest my friend to be cautious on Banking stocks in particular.

Have a happy weekend - Cheers

Thursday, July 12, 2012

Ek tha 'Singham'


Almost one month elapsed after S&P Rating Agency held meeting with Indian Finance Ministry and issued a 90 days Notice to avoid India being downgraded and Scraped as "JUNK" Status by them. A Firm action and Policy decisions may avoid such a situation. Mr. Singh should act fast - especially to Narrow the fiscal deficit by narrowing the Subsidy burden on Diesel Prices.

Mrs. Sonia Gandhi is not an economist like Mr. singh, to be sure that Mrs. Sonia Gandhi won't allow any decision from MR. Singh which may badly hit the Vote Bank and disturb the relations with Coalition Partners like Mathaji and Mulayamji in particular.

If at all S&P downgrades India - FII's must exit India as they have it as a Policy. Market may see some severe sell off which may drag our Index to new Low.

FDI in Retail / Vodafone Tax Issue / GAAR / 2G Spectrum Scam & allocation / CWG Scam / Coal Scam & some rumours of Stock Market scam by Kethan Parik once agian are some the issues heavily damaged the Reputation of the Nation in a whole.

Other factors like Failure in Mansoon will heavily impart food Production as a result there will be a spike in Inflation.

Sudden raise in NPA in all Indian Bank like SBI - Govt's inability to fund them with immediate effect - which give a Blow.

Falling Euro is a Major issue which hurt our currency as a whole due to Green / Spain & Italy troubles.

Mr. Singham should act fast - doesn't matter after President election or before to save our Nations and Nifty.


>> Click the thumbnail to see the Chart on Full Screen<<<

Finally Nifty Broken the Raising Wedge. It seems the Upmove is over. So far the Upmove was so complicated to make counts on it. But sure that its not a Impulse wave - its just a corrective wave of 2 or B. So now the impulse down wave C or 3 has started. So the First Target can be the Gap left as marked on Chart at 5159, and may fall deeper to fill the second gap at 4868 also if there are continuous flow of Bad news.

So Lets wait for tomorrows move - its going to be very interesting as its Weekend closing - Friday. Lot of Actions yet to be seen. Cheers

Wednesday, July 11, 2012

The Harami Day


Nifty Closed near 5300 - with a Bearish Harami Candle near the bottom of the raising wedge.

Tomorrows Important events Like IIP Data / Infy & TCS Results may dictate the trend of Nifty from Here.

Spain announces $79 billion austerity package today may change the global market movement for today and tomorrow.

Interesting day tomorrow with lot of events on Card. Lets get ready to face the action. Cheers!!!

Tuesday, July 10, 2012


Click the thumb nail to see the chart in full screen

Nifty managed to move above 5342 (my earlier sl) and closed at 5346. Its on the Way to fill the Gap left on 04th April, 2012 between 5338 - 5358.

Alternative Count in shaded as A-B-C-D-E - which may get completed at 5378.

As per Eod Chart - Nifty is above 61.8% retrace of 5301 - Once able to cross 5378 may test 5445 which is 78.6% retrace. Please refer our Weekly Chart Posted on 07th July,2012 as I'm attaching again for your reference.


Click the thumb nail to see the chart in full screen

Cheers!!!




Monday, July 09, 2012

Nifty Vs GAAR Vs Euro ???


Nifty took support near 5260 - a trend line as marked on chart. So the dilemma is there still 1 more upmove pending for c(5) or is this a start for down trend.

So whats the Answer for all these ? So before that following question to be answered !!

1) Is GAAR Completed Exempted ? If So why PM has not finalized it still ? Many Business Channels broad casting their own view with FLASH news and confusing the Innocent Traders!!!.

2) Is Euro Zone trouble is Solvable - If so what Happened in Last Euro Summit and Now why Germany & France in Confusion ? Why Spain & Italy still having Pressure on Bonds Yield above 7%.

3) If RBI can Handle Rupee through OMO's (Open Market Operations) by Buying Rs.12,000 Crore worth of Govt. Securities and told last time that it managed to Keep the Rupee slide in Control, and Later last week RBI said OMO's has nothing to do with Rupee Movement.

4) FII's are always giving Negative Outlook and threatening India to Down grade - Rumour of India to be removed from BRICS and Now they are Pumping more that 5000 Crores worth in Indian Equity Market ?? Why ??

5) Is there any Accounting malpractice or Satyam Like Fraud case found by the Govt in companies Like JSW Steel / DLF or Essar Oil ???


All these questions are un answerable and Nifty too sluggish with out any clear direction. Only answer I have is if Nifty able to break the Trend line 5260 then we can say that Nifty started Wave C or 3 on the Down side.

Else if able to move up with out breaking the trend line - then there can be one more upside move left.

So as usual lets wait for tomorrows Market to Open. Till then Bye. Cheers!!!

Saturday, July 07, 2012

Weekly Review


>>> Click the thumbnail to see in Full Screen <<<

As Shown on Eod Chart - 5342-45 act as a Strong Resistance Zone, Cross above may show 5446. 5290 & 5190 act as a Good Support. A Break below 5190 may be a Trend Reversal and Sharp Fall not ruled Out. I Hope this may be the end of Sw(2) or (B).


>>> Click the thumbnail to see in Full Screen <<<<

As per attached Hourly Chart - A break below the second channel as marked with Arrow may see a selling pressure. Hope the sw(c) is completed as per the Chart. Please refer earlier post for more clarity.

Trend:-
As Nifty stays in Highly Over Bought Position - FII's remain Net Buyers in Cash and FnO last week. A Break above 5400 may change the Entire trend to Bullish.

But a Break below 5190 is to confirm that the Upside move is completed and there can be a Sharp fall of 300-400 Points.

Next Week:-

It was a Choppy trade last week. World market & Indian Market failed to Cheer inspite of actions taken by ECB / UK's Asset Buying Program and CRR Cut by China Central Bank. Even though Rupee has appreciated still cautious mood as there is a week Mansoon and worry about physical deficit.

Last Friday US Job Data shows that their Economy still in Danger. Also raising Bond Yield of Spain & Italy may be an another Ticking Bomb like Greece. I hope sooner or later France & Germany may express their dis-like to be a part of euro Zone like Finland said last week.

Next week is going to be very interesting as Chinese to give Q2 GDP data & Our Indian IIP Data on July 12th. Tech Giants Infosys & TCS to reveal their Q1 Earning on the Same Day.

Any Break below 5190 may see lot of Pressure on Selling Side as there is lot of open Interest PUT writing seen on 5200 & 5300 and also Call writing seen on 5300 & 5400.

So Lets wait for the Interesting week ahead.

Thursday, July 05, 2012

Again Friday with Lot of News

Dear All,

Last Friday we had Lot of News in India & EU like GAAR & Euro Summit. Now also we are entering the Friday with Lot of Good News Like

1) Bank of England boost Asset Buying Program by 50 Bln Pounds.

2) China Central Bank leaves Reserve Ratio unchanged, cuts 1-year deposit rate by 25 Bps to 6% and 1-year lending rate by 31 Bps to 3%

3) Govt of India may any time announce Foreign Direct Investment in the multi-brand retail sector any time.

4) In King Fisher Airlines Issue - Bankers have asked Management to provide valuation detail on property sale, SBI to get 25-30% of KFA asset sale proceeds, Rest of the banks to get sale proceeds as per respective share.

As per Technical's there is nothing more to say, as Nifty made a high of 5333 and a Break above 5342-45 may change the trend and a Possible upmove upto 5446 where our earlier counts may get changed. Lets wait for the Interesting Weekend close for tomorrow move. Cheers.

Wednesday, July 04, 2012

Magic Candles @ 5317 @ 10:14 am

Dear All,

Nifty not giving any direction and boaring too. Today able to close above 5300 and holding above 5265 & 5280. Let Nifty give some direction tomorrow at least. For the time being if Nifty is in ABC - C has almost retraced till 61.8% of Wave A which is at 5317. The magic of this Number is 5317 was the top made Yesterday @ 10:14 am and today also at 10:14 am Exactly. As I see 5317 is 61.8% retrace of Wave A.


>>>Click the Thumbnail to see the Chart in Full Screen <<<<

Since today is a Holiday for US market and No further news flow from world market - I think Nifty Can't give any direction. As said Nifty support stands at 5280 / 5265 & 5250. Resistance @ 5317 / 5342 / 5378 & 5442. I hope if Nifty able to close above 5342 then Next too levels are in reachable distance to Nifty. Lets wait for the Weak end closing. Cheers!!!

Tuesday, July 03, 2012

Ready for Reversal ??


Today Nifty moved inside a 'very close Range' - So I'm giving the sub minit counts with 5 minute chart - Since We don't know where Nifty is getting reversed - its becoming important to look into 5 minute chart.

Morning Nifty traded above 5301, came down and closed at 5287 shows the strength of the Resistance. Now Nifty had a Immediate support at 5265 and 5342 Resistance as shown on chart - is Important for tomorrow - may decide the trend. Cheers!!!

Monday, July 02, 2012

Nifty on a Raising Wedge


Yes, Nifty Clearly Travelling Inside a Raising Wedge. Since i feel this upmove is Corrective ABC in Nature - Bulls need to worry a Lot. Added with Lot of Negative Divergence shows that Bear may ENTER any time.

Today Nifty has exactly done 61.8% retrace @ 5301.7 (Please refer Eod chart on Weekly Review posted on Saturday) of Previous fall from 5630 to 4770. To be noted here that today Nifty can't close above 5280 which is sw3(2) of previous fall as marked on Chart. Finally today Move also inside a Minor raising wedge which I feel is sw(c) as it is 1-5 in nature.

Now If Nifty breaks 5250 then a fall upto 5154-60, which is the bottom of the raising wedge. If Nifty able to trade above 5301 & 5342 then it can travel upto 5446 which is 78.6% retrace.

So Lot of Action Left for tomorrow - Lets wait and See - Cheers!!!