Wednesday, August 29, 2012

Nifty below 5290 - ????

Dear All,


Nifty breached the second support 5290 also. So whats Interesting here is Will it fall further or a relief like rally possible???

Yes, Possibly as given on chart. If tomorrow 5290 held then a bounce upto 5350 which can be like a Head & Shoulder like formation - which i feel more bearish in coming days. Else 5240 is the Next Support - as (iii) wave is going to be extension in nature, going to be more complicated and chappy, which may again kill many Nifty Option traders in Next Series also.

It seems like FII's also started their selling in Derivative segment - tomorrow's expiry is going to be very Interesting.

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Above Chart was given on 04th of August on Weekly Stock - wrote that it can reach 63-64 level soon.


Target 63 Achieved Today. Lot size is 4000


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Havells made a Head & Shoulder Break down - Our Clients are Holding Havells Positional trade. Lets see