Thursday, October 11, 2012

Nifty - Possible Head & Shoulder ???

Dear All,

>>> Click the Chart to see on full Screen <<<

As told Yesterday 5640 gave a Good Support and Nifty was able to rally nicely. Now it seems Nifty trying to form a Head and Shoulder like Pattern as shown on chart.

I hope the On going upmove was a corrective in nature for wave B and if able to cross 5728 then may move up to 5746 and 5776 Resistance which are 61.8% and 78.6% retrace of Wave A.

Since tomorrow is a Result Day for INFY Q2 and IIP Data - More action waiting.

Every one is waiting for Infosys EPS F13 Guidance, as Rupee is appreciating sharply.

>>> TATA STEEL <<<

>>> Click the Chart to see on full Screen <<<

If you are my regular blog reader - then You must remember about Tata Steel Chart I have posed a few days before, that it has created a Inverted Head and Shoulder. Since 61.8% retrace is at 414.2, today it crossed its important previous high of 418 and gave a clear break out.

Now the Stock should move toward 432 and more in coming days.

Cheers!!!