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.