Thursday, June 07, 2012

Let the Bull Relax before another Run

As I wrote Yesterday a cross above 5011 can take nifty to 5055, and today Nifty Exactly hit a High of 5058.3 which is 161.8% Retrace and completed sub wave (iii). Now Nifty should consolidate for sw(iv) before any further Upmove. A Possible downside Upto 4988-4990 to fill the gap as marked on Chart can't ruled out for tomorrow.

Attached is the Eod chart of Nifty - As it Crossed and closed above 50dma is a good and Healthy sign for Bulls in coming days as it can hold on closing basis. But need to Cross the Resistance Channel can give a Bullish Trigger in coming days. Interesting days are Yet to come - Lets wait for it. Cheers!!!