Saturday, July 14, 2012

Weekly Review

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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