Wednesday, May 02, 2012

Oh - Still Inside H&S !!!

Phewww - Nifty Still Inside the H&S - Today made a Gap up Opening above the Trend line as marked on chart - But Closing below the Trend line shows like a "throw over" also Unable to close above 200 HrMA is a matter to concern for Bulls, may favour for Bears if continue to stay below this. - So Now I have to give regular Bull count as well as Bear count as "Alt" inside white shade.

1.) As per Bullish count we have finished sub(4) at 5154.85. Ongoing wave as sw5(1) and today down move as (2) at 38.6% retracement as marked on chart. Immediate Support at 5222 as marked on chart - break below this may enable bears to come down to fill the Gap Left at 5186 or 5199 again.

2) Alternative Bear count as we are still on sw(4) as c(4) has completed today 5279 which is 61.8% retrace from the Previous fall from 5341 to 5161. If this is true then a fall below 5154 or even low can't be ruled out.

Earlier on Monday I gave a Buy Call on Nifty to my clients which gave nearly 30 Pts Profit today Morning- which was erased on the later part of the trading. But SL is still on Hold. The Call is given below.

(4/30/2012 3:01:58 PM): ****NIFTY-ALERT***** Positional / BTST:- Buy Nifty Spot Only above 5247. SL below 5220. Target 5330.

Hope 5220 wont get broken for those who are holding the Long still. Lets see tomorrow - Cheers.