Wednesday, June 27, 2012

Expiry Day - Nifty

As mentioned Yesterday Nifty can't Hold above 5156 which is 61.8% retrace, today formed a Possible double top as given on the above chart. A gap left was filled today at 5130. Now 2 Possibility as Nifty has completed c(2) and getting ready for a fall, a fall below 5129 may confirm that - as marked in red color count. Else Nifty may move up for c(2)(c) - a move above 5156 may take nifty to the next retrace of 78.6% which is 5174.

As mentioned earlier - all these bearish scenario get truncated if Nifty trades above 5190 with volume and Bullish count comes in to effect. Please refer previous post for those counts.